Table of Contents

Executive summary ........................................................................... 3
Secular growth of modern trade format ......................................... 7
Emergence of regional players....................................................... 12
From regional to national ............................................................... 20
Remaining profitable while investing............................................ 27
Foreign challengers ......................................................................... 36
Recommendations........................................................................... 40
Appendix A – Statistics................................................................... 42
Appendix B – Foreign food retailers in China................................ 54
Appendix C – A-share listed food retailers.................................... 64
Appendix D – PE band charts ......................................................... 70
CRE ................................................................................................... 72
Wumart Stores............................................................................... 123
Lianhua Supermarket.................................................................... 162