IT brand Lenovo marches into ‘new retail’
Chinese multinational plans to set up subsidiary to compete with e-commerce giants like Alibaba and JD.com
The Lenovo Group is betting on “new retail” to uproot traditional grocery and department stores with technology as it opens its first outlet store on Sunday, Yicai.com reported.
The Chinese multinational, well-known for its computers, announced at the 2018 Consumer Electronics Show that it is setting up a subsidiary called Tianxi Chuanqi Technology Co. Ltd.
Lenovo aims to compete with e-commerce giants like Alibaba and JD.com in the area of “new retail.”
The new store in Beijing currently carries more than 400 categories of products, and features special zones for smart living choices and tailor-made services.
The store also sells Lenovo’s own brand, as well as its incubated brands and selection products. The company plans to open 150 new retail stores in 2018.