Toys R Us will launch its first store on the Chinese mainland in November, drawing on an increasing demand for educational toys from middle-income consumers, its top Asia executive said on Monday.
The U.S. toy retailer, owned by a private equity group including U.S. property developer Vornado Realty Trust , would set up shop in Shanghai’s Lujiazui financial district, Pieter Schats, chief executive officer of Toys R Us in Asia, told Reuters in an interview.
“We’re currently focused on getting the one store up and running and the opening of that store will be in mid-November,” Schats said. Toys R Us plans to launch an expansion plan after examining Chinese consumers’ buying patterns.
“Early next year we’ll sit back and review, and decide how to expand the footprint both in Shanghai itself and in some other cities in China,” the Hong Kong-based executive added.
Toys R Us now has over 50 stores in Asia and more than 1,200 stores in 34 countries or regions worldwide. Its operations in Asia are a franchise business, wholly owned by Hong Kong’s Lee & Fung Group and its Convenience Retail Asia unit.
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