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QKL Stores Inc. Opens Two New Stores

2011-01-20 18:37 1006

-- Provides 2011 Store Opening Update


DAQING, China, Jan. 20, 2011 /PRNewswire-Asia/ -- QKL Stores Inc. (the "Company") (Nasdaq: QKLS), a leading regional supermarket chain in Northeastern China, today announced the opening of two new stores.

The Company's 44th store, situated in Siping City, Jilin Province, was opened on January 11th, 2011. Siping City, with a population of approximately four million residents, is located on the border of the Jilin and Liaoning Provinces. The Hypermarket is located in the center of the new development district of the city, serving over 400,000 potential Chinese customers. This hypermarket occupies approximately 6,700 sq. meters of gross space.

The Company's 45th store, located in Muling County, Heilongjiang Province, was opened on January 18th, 2011. The Hypermarket is located in the center of the new development district of the city, serving approximately 100,000 Chinese customers in total. This supermarket occupies approximately 7,000 sq. meters of gross space.

Mr. Zhuangyi Wang, Chairman and CEO, said, "QKL Stores' broad product selection within our stores appeals to a growing customer audience and we remain focused on broadening our store presence in the northeast China region. These store openings bring the total number of the Company's store locations to 45 for an aggregate total of approximately 240,000 sq. meters of store space. This is comprised of 30 supermarkets, 12 hypermarkets and three department stores. As we evaluate our new store openings for 2011, we currently plan to open twelve stores this year, comprised of seven stores to be opened in the first quarter and five stores to be opened in the remaining three quarters of 2011. Of this store opening total, contracts to open all twelve stores have been signed and eight of these future store locations are currently under construction. We believe this plan strikes the right balance between new store growth and optimizing the sales performance within our existing stores."

About QKL Stores Inc.:

Based in Daqing, China, QKL Stores, Inc. is a leading regional supermarket chain company operating in Northeast China. QKL Stores sells a broad selection of merchandise, including groceries, fresh food, and non-food items, through its retail supermarkets, hypermarkets and department stores; the company also has its own distribution centers that service its supermarkets. As of the date of this press release, the Company had 45 retail locations for an aggregate total of 240,000 sq. meters of store space. For more information, please access the Company's website at: www.qklstoresinc.com.

Safe Harbor Statement

Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.


 

 

Contact Information

 

 

In China:

 

 

Mike Li, Investor Relations

 

 

+86-459-460-7987

 

 

ICR, Inc.

 

 

 

 

In U.S.:

 

 

Bill Zima

 

 

+1-203-682-8233

 

 

 

 

In China:

 

 

Yuening Jiang

 

 

+86-10-6599-7965

 

 

 

 

 
Source: QKL Stores Inc.
Related Stocks:
NASDAQ:QKLS
Keywords: Retail Supermarkets
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