Japan's superstore operator opens office in China

Leading Japanese general merchandising store Ito Yokado, part of Seven & i Holdings Co Ltd, is starting an investment operation in China in August, to quicken its expansion in the country.

With a registered capital of $30 million, the company will be responsible for finance management, location selection and human resource development of Ito Yokada's operations, said Yang Kai, director of public affairs of Beijing Huatang Ito Yokado Ltd.

Ito Yokado has formed joint ventures with Wangfujing Department Store and China Huafu Trade & Development Group Corp.

There are eight Ito Yokada stores in Beijing and five in Chengdu, Southwest China. Last year, the eight outlets in Beijing had revenues of 2.7 billion yuan ($425 million).