CP Lotus closes supermarket in Beijing: report
Updated: 2013-01-11 16:00
By LI WOKE (chinadaily.com.cn)
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CP Lotus Super Center, a subsidiary company of the Thailand-based Charoen Pokphand Group, reportedly closed one of its supermarkets in Beijing.
After seven years of operations, the CP Lotus store located in the capital's south third ring road closed last Friday due to increasing rents and losses, Beijing Business Today reported on Friday.
The supermarket chain said the store closure is "an individual case", and said the company's pace of expansion will not slow down in the country.
Shares of the Hong Kong listed retailer closed at HK$0.182 ($0.023) yesterday, down 0.55 percent.
The company competes with the United States-based Wal-Mart, France's Carrefour and the United Kingdom's Tesco in China.
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