Food & Retail

Chinese conglomerate launches chain of seafood shops

Chinese conglomerate launches chain of seafood shops

ChinaGlobe

Seafood suppliers are being sought out by a new distributor that has opened 18 new stores across eastern China, marking the launches with a gala ceremony this week.

Anhui Fu Huang Group, a major Chinese industrial conglomerate, will open 1,000 stores over the next three years to distribute seafood and agricultural products to expanding Chinese cities.
The firm is seeking “to achieve a new model of growth,” according to Fu Huang Chairman Yang Jun Bin.

Seafood imports and distribution is being targeted as a high-margin source of growth for China’s industrial conglomerates, many of them suffering from low margins, over-capacity and debt as China’s economy slowly moves to a growth model driven more by consumption and services than infrastructure and low-cost manufacturing.

Having built a business on heavy metals and precious metals, Anhui Fu Huang Group also has a growing seafood processing division. The firm’s stores are stocking a range of frozen and chilled seafood geared at urbanites, according to Yang. The firm’s focus is on smaller, high-margin stores, rather than large supermarkets.

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Source: Seafood