2. Yonghui Superstores
Base: Fuzhou, Fujian province
Revenue: RMB 104.5 billion (US$16.4 billion)
Number of stores: 1172
Established only in 2001, Fujian-based Yonghui Superstores has quickly gained an edge above more its experienced competitors and became the second most popular supermarket in China.
In 2020, Yonghui recorded a sales revenue of RMB 104.5 billion (US$16.4 billion) and has 1172 store locations in 29 provinces including Fujian, Guangdong and Zhejiang.
Yonghui Superstores is one of the first supermarket chains to sell fresh meat products and agricultural products in China. In Yonghui Stores, fresh produce often occupies about 50% to 70% of the shopping area.
Recently, Yonghui has been actively exploring new business models to compete with new retail chains. In 2017, Yonghui opened its first “Yong Hui Super Species” supermarkets in Fuzhou to test its “new retail” strategy of incorporating fresh food and online-to-offline business model into high-end supermarkets.
Last year, it also launched its first large-scale Yonghui warehouse store with shuttle bus service in Fujian.
To tap into the wine business, Yonghui opened its first physical store of its “Cheers to Joy” wine cellar in Fuzhou last year. According to its website, it has partnerships with first growth Château Lafite and Australia’s large volume wine brand Yellow Tail.
In 2019, it signed an agreement with Australia’s leading retail group, Woolsworth, owner of Summergate Fine Wines & Spirits, to source wines for Chinese consumers. It also
partnered with Treasury Wine Estates, parent company of popular brand Penfolds and Wolf Blass in 2015.