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GUANGZHOU, China - U.S. convenience store giant 7-Eleven Inc. said on Wednesday it had chosen Taiwan's President Chain Store Corp. and Seven-Eleven Japan Corp. Ltd. to open as many as 500 stores in Beijing, Reuters reports.
"Easily we could go up to 500 stores in five years," said Bob Jenkins, international vice president at Texas-based 7-Eleven, at the opening of the company's 100th store in China.
President and Seven-Eleven Japan are the two biggest operators of 7-Eleven stores outside of the United States, and will run the stores with a Chinese partner that will own 35 percent of the joint venture, Jenkins said.
The first 7-Elevens in Beijing will likely open in early 2003, he said.
No financial terms were disclosed, and the plan still needs approval from the city and state governments.