Metro Group revs up retail plans

Germany's Metro Group said it plans to nearly treble its China stores from 23 to over 60, focusing on expansion in second tier cities. Facing flat growth in its European home market, the world's fourth largest retailer aims to make 10% of sales in Asia, mostly in China, according to Chief Executive Hans-Joachim Koerber. The expansion comes as market leaders Wal-Mart and Carrefour redouble efforts to aggressively build their China sales.