Metro AG, the German retail and distribution giant, said it plans to invest US$700 million to open 40 new stores across China in the next five years.
The expansion will triple the company's total investment in China and more than triple the number of stores from the current 18. Metro, the world's fifth largest retailer, recorded US$700 million in sales in China last year although operations overall have yet to net profits, the company said.
In Shanghai, where Metro opened its first stores in 1996, the company is turning a profit.
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