Chinese processor Xinhai aims for China’s middle class with new "concept store’"
A well-known seafood processor in southeast China has teamed up with an investment company to reach out directly to the country’s middle class with the opening of a large new “concept store” selling seafood.
The Xinhai Group, a seafood firm in the coastal city of Yantai, has opened a large mall outlet that combines seafood sales with restaurants and a leisure area in the commercial-focused Laishan district of the city. Xinhai, which processes for export and local markets, opened the store in a partnership with Yantai Bao Li Retail Investment and Management Co.
The new store will feature brands under the Xinhai banner, such as mu di dao – packaged dried scallops and shrimp – at low and high price-points, explained Rao Yong Tao, general manager of the Xinhai Group. The store will also sell imported seafood, he said.