Shanghai to Have 7-Eleven

 The world's No 1 convenience store chain, 7-Eleven, is planning to enter the Shanghai market in 2005 by setting up a wholly-owned company, an industry insider told Shanghai Daily on Apr.20.

The news quashed earlier speculation that 7-Eleven is likely to team up with local partners to operate round-the-clock stores in Shanghai. "The Ito-Yokado Co of Japan that holds the license to operate 7-Eleven stores has decided to set up a wholly-owned company in Shanghai and open the first batch of 7-Eleven outlets in 2005," said Gu Guojian, director of Shanghai Chain-Store Research Institute.

China now allows foreign partners to hold a maximum stake of 65 percent in the retail sector. But the cap will be lifted in 2005 in line with the country's commitment as part of its entry into the World Trade Organization.