Regional Expansion
FairPrice has ventured into the People's Republic of China to open supermarkets in various parts. It will be a joint venture with DBS Private Equity, New Hope Group, Silver Tie and Taiwan's Apex Group. The venture will be known as Nextmall, and will provide merchandising, management and logistics for a fee to Nextmart which is a China incorporated hypermarket. It has opened seven hypermarkets in China, with its first in Shaoxing, Zhejiang.
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“We are caught up Mr. Perry on a great wave whether we will or no, a great wave of expansion and progress. All these mechanical inventions—telephones, electricity, steel bridges, horseless vehicles—they are all leading somewhere. It’s up to us to be on the inside in the forefront of progress.”
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