A grocery store in the Chinese city of Hangzhou has become the fastest growing in China’s capital city, overtaking the city’s two biggest rivals, KFC and McDonalds, according to data released by the country’s government.
The supermarket chain’s average daily sales rose 13% in the year to April, to 4.8 million yuan ($6.7 million), from 4.3 million yuan a year earlier, data from the Beijing Municipal Bureau of Statistics showed.
It also said its average price per square metre rose to 9.6 yuan ($13.5), up 10% from 7.2 yuan a month earlier.
China’s growth is expected to slow down in the next two years as the country moves towards slowing population growth.
In 2017, the country was expected to grow by 1.5% annually, compared with 1.9% in 2020, according a report by the World Bank.