Wanda and Tencent come together to launch smart shopping centers
Category: #retail  By Pankaj Singh  Date: 2018-06-01
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Wanda and Tencent come together to launch smart shopping centers

The leading Chinese operator and owner of shopping centers, Wanda Commercial Management Group, has reportedly collaborated with Tencent Holdings. With this move, Wanda plausibly aims to emerge as a smart retailer across the online retail channels as well as the brick & mortar stores.

Apparently, Wanda will be tapping Tencent’s internet technology to achieve its goal of becoming a smarter retailer in line with the renowned Alibaba Group, say news reports.

Sources claim that the president of Wanda Commercial, Qi Jie will lead the newly formed retail group as chairman. Through this internet technology joint venture, the Chinese social media magnate Tencent has acquired a stake of 42.5% in the newly formed group. Meanwhile, Wanda Commercial owns an appreciable stake of 51% in the venture. The remaining stakes have been taken by the electronics and business invoice company, Gaopeng, claim reliable sources.

As per authentic reports, the agreement comes among a series of investments that Tencent has been making recently in Chinese retail and shopping assets in order to catch up with the reputed retail king Alibaba. Speaking on the collaboration, the CEO of the Shanghai-based Wanqing Consultancy, Lu Zhenwang stated that the deal between Wanda and Tencent was the latest experiment in China’s smart retail strategy. He further claimed that the cooperation would bring enormous online traffic through WeChat and other platforms.

The company’s official statement claims that the deal will help the firm undergo smart upgrades, build a robust membership system, and increase its overall value.

According to sources, Wanda is looking forward to transforming its presence from a bricks-and-mortar store into a smart shopping center. The founder of Wanda, Wang Jianlin plans to open 1,000 shopping malls over the coming 10 years. For the record, in 2017, the company had 235 Wanda plazas in operation.

Wanda is expected to witness strong competition from Alibaba, which has also been encouraging offline shopping.



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Pankaj Singh

Email: [email protected]ketsizeforecasters.com   

Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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