10-yuan Daiso store plans to make foray into Guangzhou

Daiso-sangyo, the Japanese bargain chain store operator, says it is confident it will become a force in local retailing, after making its first foray into the Chinese mainland, opening two "10-yuan" ($1.57) outlets in Guangzhou in June.

The stores are being run under a joint venture between Daiso and Hong Kong Four Seas Group. Most of the nearly 10,000 products it sells - ranging from sundries, food, kitchen utensils and stationery, to health and beauty products and toys - will cost 10 yuan.

Jason Tse, general manager of the joint venture, said the plan is to have three to five stores by the end of this year, 15 to 20 by 2013, and 100 in Guangdong province within five years.