Point S Is Making a Big Move in China
Point S International plans to add 1,000 stores to its network — in China.
The network of tire and automotive service retailers is partnering with Suremoov, a brand that has 950 franchise locations and has been doing business in China since 2004. Suremoov specializes in automotive services and body work.
Point S International and Suremoov will create a joint venture — Point S China, and its goal will be to develop the Point S brand in the Chinese market and provide consumers with quick vehicle repairs, plus tires.
The two groups say they share an interest in engaging in the Chinese market. Suremoov brings with it knowledge of the market, plus expertise in parts, oil changes and auto body repairs. Point S is a new brand in China, but it comes with a strong platform and 48 years of retail experience across four continents, including southeast Asia. The group also brings with it tire expertise.
They plan to move aggressively, and establish 1,000 new Point S franchised centers within five years.
Work is already underway to open the first two pilot stores. They are expected to open before the end of 2019.
Fabien Bouquet, CEO of Point S International says, "The creation of Point S China is the fruit of sustained exchanges and discussions which have allowed us to build up a strong personal and business relationship with our Chinese partner. We have undertaken a lot of research into the Chinese market over the past two years, to make sure we understand the specifics of the market and develop a realistic development plan.
"The Chinese market is indeed the largest automotive market in the world but also the most complex from my point of view. This is principally because of its very rapid change added to the advanced digitalization of the end-customers journey and the ecological challenges of the car-park growth. This is currently hurting the sale of new vehicles but is, however, helping out the second-hand market, with a consequent potential for growth in the automotive after-market. Our joint venture with Suremoov is motivated by convergent objectives between our two groups and also by a common strategic vision."
Point S China launches officially on Oct. 25 with the presentation of its development plan during a conference in Shanghai.
The expansion into China will add to the existing 4,350 outlets for Point S in 37 countries. The group sells more than 17 million tires annually.
For more information, visit www.points-development.com.