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China Resources Cuts '09 Retail Openings By One-Third
China Resources Enterprise (291.HK) plans to decrease new supermarket store openings from 300 to 200 in 2009 due to the financial crisis, reports 163.com quoting China Resources Enterprise Managing Director Chen Lang. The decline will allow the company to save 20% on the cost of retail business, which was previously planned to reach RMB 2.3 billion in 2009. China Resources Enterprise owns supermarket and convenience store brands CR Vanguard and Suguo.
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