The seven newly opened Freshippo stores are adopting the latest store image, which will offer a wider variety of products, a broader delivery area, a spacious shopping environment, and an enhanced service experience to better meet customer needs. All new stores will have diverse sales channels and product categories to more effectively cater to each customer's needs regardless of whether they are in commercial or residential areas.

Freshippo Outlets have also extended footprint in Mainland China, opening five new stores in Shanghai in the districts of Songjiang, Pudong and Minhang. Freshippo Outlets offer quality products and services at attractive prices to reach a broader group of consumers. The opening of five new outlets has brought the total number of Freshippo Outlets to 68 across 14 cities in Mainland China.

Several of these newly launched locations are the first in their respective areas. For example, the store in Joy City in the Huangpu District of Guangzhou is Freshippo's first in the district and is expected to bring convenience to local young people. The mall is located in the center of Guangzhou Science City, a national strategic development district. Of the 550,000 people who live there, nearly 90% of them are aged between 19 to 44, aligning strongly to Freshippo's target market.

Another example is the location on Shatou Street in Futian District, Shenzhen, intended to serve young residents as well as the 100,000-strong local working population spread across residential neighborhoods, office areas and shopping malls.

Freshippo believes that the recovery of China's consumer market is contributes to the rapid rise of young customers, particularly those from new first-tier cities. As the real economy continues to integrate with the digital economy, paired with the growing demand for online shopping, domestic consumption is set to rise significantly.

In "2022 China's TOP 100 Chain Stores" published by the China Chain Store & Franchise Association, Freshippo ranked eighth among the top 100 chain stores as it entered the top 10 for the first time, and sixth among the top 100 supermarkets in Mainland China. With a network of approximately 300 stores, Freshippo also has a high sales per store in the sector.

The China Chain Store & Franchise Association indicated that 2023 will be a year of recovery for the domestic consumer market. Many industry analysts predicted that the size of instant retail market will expand at a compound growth rate of approximately 50% over the next few years, indicating strong momentum and significant growth potential in the industry.

In addition to opening new stores, Freshippo will continue to strengthen the development of the entire industry chain. In May of this year, Freshippo partnered with chefs, agricultural enterprises and universities to expand its pre-cooked food business, selling an average of more than 1,000 types of pre-cooked food per month. Freshippo has also established strategic partnerships with 13 global retail groups, international brands, global associations, and consulting companies in Shanghai, as well as announced that it will set up eight purchasing centers globally to connect with the best locations around the world for high-quality products.

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About Freshippo

Freshippo is Alibaba Group's digital intelligence-powered new retail company. Headquartered in Shanghai, Freshippo operates more than 300 stores across 27 cities in mainland China.

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