Chinese retailer Watson plans to accelerate its retail development and open about 300 new stores.
Chinese retailer Watson plans to accelerate its retail development and open about 300 new stores by the end of 2023. The retailer's business development plans are part of an "offline plus online" strategy adopted amid improving consumer habits of residents.
"Our customer data shows that in Watsons China, the spending of our O+O customers who shop in physical and online stores is 3.1 times that of those who shop only in physical stores. So the O+O platform strategy has been essential for us," commented Malina Ngai, general manager of A.S. Watsons in Asia and Europe.
She said the new brand development strategy allows Watson to understand better customer needs in the health and beauty segment.
Since 2019, Watson's retail network has grown by 850 stores. In addition, the retailer has redesigned about 440 stores in more than 300 cities in China. As of the second quarter of 2023, the company has 3,900 stores under management with locations in 500 cities.
Watsons is a large retail chain of pharmacies and health stores owned by the A.S. Watson Group, headquartered in Hong Kong. Founded in 1841, the company has grown into the world's largest health and beauty retailer, with over 15,000 stores in 25 countries.