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KUALA LUMPUR, April 26 (Bernama) -- Country Heights Holdings Bhd (CHHB) intends to invest about RM250 million in capital expenditure (capex) for the next five years following its partnership with JD Worldwide’s wholly-owned subsidiary, Beijing Wodong Tianjun Information Technology Co Ltd (JD.com) to develop an omni-channel business model in Malaysia.
CHHB managing director Datuk Jared Lim said the group has allocated RM50 million funding for the initial expenditure of the first flagship physical store spanning 150,000 square feet of retail space on the ground floor of the Mines International Exhibition and Convention Centre (MIECC).
“As we grow, we will also potentially do a series of funding for the project,” he said at the official signing ceremony and media conference on the Licensing and Collaboration Agreement for Omni Channel E-commerce Platform here, today.
Lim said once the pilot project is completed in the second half of 2023, the group will go on an expansion trail with another five mega stores nationwide.
“We intend to introduce about 6,000 to 10,000 smart living products, appliances and lifestyle experiences from China to Malaysia via offline, which is our physical stores and at least 10 times more on the online platform,” he said.
Besides the five mega stores, he said the group also intends to expand into small retail footprints with the intention of introducing a different kind of retail experience into Malaysia through advanced technologies that JD has developed in China.
JD Worldwide is the cross-border e-commerce platform for JD.com, an international e-commerce company headquartered in Beijing, which has invested in high-tech and artificial intelligence delivery in the world.
Meanwhile, CHHB founder and chairman Tan Sri Lee Kim Yew said he is hopeful that the partnership would transform Country Heights and The Mines into a major import or export hub in the country and become a platform for new products in Malaysia.
“We believe this partnership will bring values to Malaysia by transforming the supply chain using the Internet and digital technologies in line with the ‘low cost, high efficiency’ motto,” he said.
Lee said interested customers could directly purchase on the spot or purchase quality products from China through mobile applications and web stores that open up a new chapter for Malaysia’s post-pandemic digital economy.
Under the collaboration, JDMines Sdn Bhd, a technology incubator, will be established to manage and develop this project while CHHB takes the implementation and execution role of the omni channel business model.
At lunch break, CHHB shares rose four sen to RM1.39 with 3.10 million shares changing hands.
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