Kingfisher buys stores in China

According to a report in the British Independent newspaper, the UK DIY retailer Kingfisher has bought five stores from its Chinese rival Price Smart for £ 7 mio (€ 10 mio). The stores, which are located in the west and north-east of the country, are to be converted to the B&Q format next year. Currently B&Q has 20 established outlets, which are centred on the east – in Peking, Shanghai, Shenzhen and Guangzhou. Next year B&Q is planning to open up to nine more stores in China.