Retail giant plans more stores

China Resource Vanguard Co Ltd, a subsidiary of China Resources (Holdings) Company Limited, said on Thursday that it will open 10 stores in Chongqing and Chengdu this year.

The retail giant said earlier that it will further expand its high-end supermarkets by opening 50 Ole stores, and 30 BLT shops by the end of 2016.

The Hong Kong-based company currently has 4,425 stores in China, including Ole shops and 10 BLT stores. Last year, China Resources Vanguard opened 782 new stores and its total sales reached 94.1 billion yuan ($15.35 billion), a sharp increase from 82.7 billion yuan in 2011.

In addition to Ole and BLT, the company's portfolio includes supermarket brands Vanguard, SuGuo, shopping mall brand Fun2 and Leonardo Di Gasun.