date:Mar 21, 2014
China Resources Enterprise Ltd (CRE), the country's No.2 supermarket chain, said it will expand in smaller cities and lean on its joint venture with Tesco Corp to turn around a business that posted its lowest profit in nine years.
Hypermarket operators in China including Hong Kong-listed CRE and market leader Sun Art Retail Group Ltd have been pressured by competition from a growing online foods market and a slower Chinese economy.
In October, CRE said it was joining forces with Tesco's China