China's Sun Art partners Alibaba to boost store efficiency; shares jump [Reuters]
SUN ART RETAIL UNSP/ADR (SURRY)
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Source: Reuters
China's Sun Art partners Alibaba to boost store efficiency; shares jump | Reuters Reuters Staff 2 Min Read HONG KONG (Reuters) - Sun Art Retail Group, China’s top hypermart operator, said on Friday its stores will use Alibaba Group Holding Ltd’s software solutions and online transaction data to improve business efficiency, sending its shares up 5 percent. The co-operation agreement between Sun Art and Alibaba follows a $2.9 billion investment in Sun Art announced by Alibaba last month in the e-commerce giant’s latest push into offline retail portfolio. In a statement, Sun Art said the new alliance will enable it to benefit from Alibaba Group’s digital ecosystem. Sun Art will adopt “Taobao Daojia”, the Alibaba business model that aims to enable traditional hypermarket and supermarket businesses to increase business efficiencies by utilizing internet technologies and traffic at Taobao, Alibaba’s marketplace. Under the deal, Sun Art’s stores will have access to the online platform provid
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