Eland plans China shopping centre expansion in Parkson JV
South Korean fashion retail giant Eland is planning ambitious expansion in China before the ended of the year with news that it will open 10 shopping centres in the country through a joint venture deal with Malaysia’s Parkson Retail Group.
In addition to Eland’s 10 centres opening this year, the Eland and Parkson JV should see another 30 opening in 2017 and 500 by 2020 with total sales of CNY200bn (£24bn/€27bn/$29bn)
The two companies announced their JV a little over a year ago with Eland holding a 51% stake in the partnership.
The first mall opened under the deal in Shanghai earlier this year and covers around 50,000 sq m with an East wing housing international luxury brands and lifestyle brands, while the West wing houses fashion stores and restaurants.
Parkson closed a department store in Nanchang two months ago and will work with Eland to convert the site into a shopping centre.
The partners also want to expand their shopping centre concept throughout Asia.
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