Toys “R” Us continues to expand in China
Wayne, N.J. – Toys “R” Us opened its first stores in Beijing last weekend, marking its continued expansion across China.
The opening of the Beijing stores marks the retailer’s debut in Northern China. Two additional locations are slated to open in September in Tianjing Galaxy Mall in Northern China and Nanning Mixc in Southern China. These four new locations add to the company’s already healthy presence in the country, including stores in Guangzhou, Shanghai and Shenzhen. By the end of September, the retailer will operate 30 stores across 21 cities throughout China.
“As a company, international expansion is a key part of our overall strategy, and we are committed to further growth and investment in our business in China,” said Jerry Storch, chairman and CEO. “Our expansion into Beijing is an important next step as we aggressively extend the Toys “R” Us brand throughout Asia.”
Last October, Toys “R” Us acquired the majority stake in its business in Greater China and Southeast Asia from Li & Fung Retailing. With this agreement, the existing Toys “R” Us licensed operations in this region became 70% majority owned and controlled by Toys “R” Us and 30% owned by Li & Fung Retailing.
Since that time, the company has continued to expand across the region, opening 10 new stores across Brunei, China, Hong Kong, Malaysia, Singapore, Taiwan and Thailand. In total, the company now operates more than 100 locations in Southeast Asia and Greater China. In addition, 14 stores in the Philippines and Macau continue to be operated under a license agreement.