FamilyMart to enter Shanghai market

Japan-based convenience store chain FamilyMart Co announced that it plans to open 300 outlets in Shanghai over the next three years. The first Shanghai store is planned to open by mid-2004. FamilyMart will launch the joint venture with Ting Hsing (Cayman Islands) Holding Corp. The joint venture has already obtained approval from Chinese regulators. FamilyMart, owned by Itochu Corp, will compete with another Japanese convenience store operator in Shanghai, Lawson Inc, which is owned by Mitsubishi Corp and has a significant presence in the city.