In a startling mea culpa, Wang Dawei, chief executive of Mei Ya, owner of the Shanghai-based 21 Convenience Store chain, which just announced it is closing 500 of its 800 outlets, said, "This is the result of the blind pursuit of scale." The South China Morning Post reported that Shanghai has nearly 5,000 convenience stores, compared to 1,000 in Beijing and 300 in Guangzhou — one for every 2,600 residents, against an industry ratio of 1:2,940 in the United States and 1:3,045 in Japan.
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