JD.Com Poaches From 7-Eleven to Open 1 Million Convenience Stores–Yicai Global
What happened: E-commerce giant JD.com has reportedly poached five manager-level staff members from Seven-Eleven’s Beijing office as its brick-and-mortar stores continue to expand across China.
According to Yicai, the new employees will help launch a line of mini-marts, adding to JD.com’s existing convenience stores.
This past April, JD.com announced grand ambitions to open 1,000 physical convenience stores every day for the rest of the year, mainly through a franchise model.
Over the next five years, CEO Liu Qiangdong has also said, the company will establish 1 million stores across China.
Why it’s important: JD.com’s brick-and-mortar expansion is able to benefit from the strong supply chain that helped grow an e-commerce empire.