(Yicai Global) Aug. 5 -- Suning Xiaodian, the convenience store chain of Chinese retail giant Suning, plans to acquire 60 Circle K outlets in Guangzhou province from Hong Kong's Fung Retailing to further consolidate its positioning in South China.
Fung Retailing will sell all its shares in subsidiary Liya South China Convenience Store to Suning Xiaodian, technology media 36Kr reported today without disclosing the investment amount.
Suning Xiaodian is the Nanjing-based firm's entry point to small-scale community shops. So far it has 6,000 outlets in over 70 cities, serving 35,000 communities and 120 million consumers.
Suning has been making moves to increase its grocery store presence in local residential communities. Last April it bought Dia China, a discount supermarket chain that had more than 2.5 million customers in Shanghai last year. In June it acquired an 80 percent stake in Carrefour China for CNY4.8 billion (USD687 million).