China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD) ("Jo-Jo Drugstores" or the "Company"), which operates a retail pharmacy chain in Zhejiang Province, today announced additional store openings in Hangzhou, increasing Jo-Jo Drugstores’ total store count to 45 locations. Four additional locations are planned to be opened by October 2010.
“We are continuing to execute on our plan to have 60 locations in Zhejiang Province by March 2011,” stated Dr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores. “The opening of these stores continues to strengthen our market position.”
Since March 31, 2010, the Company has opened 20 store locations in Zhejiang Province, including 3 acquired from existing drugstore operators and 17 opened directly by the Company bringing the total to 45 locations. Of these 20 stores, 17 are located in and around Hangzhou where the Company is based, and 3 are in Quzhou, a city in southwestern Zhejiang Province with a population of 2.4 million.
Four locations are scheduled to open in Hangzhou between September 2010 and October 2010. Including the stores scheduled to be opened, the average square foot size for the 49 locations will be approximately 255 square meters or approximately 2,745 square feet. The Company now has over 550,000 members enrolled in its loyalty program and averages approximately 10,000 customers per day throughout its store locations.
These additions signal the Company’s continuing commitment to provide access to quality prescription drugs, over-the-counter drugs, traditional Chinese medicine products, and personal care products at the lowest overall prices. The Company also provides access to licensed physicians providing customer consultations. Strategically focused in Zhejiang Province, the Company has organically grown from 1 location in 2003 to 45 locations as of September 9, 2010.
About China Jo-Jo Drugstores, Inc.
Jo-Jo Drugstores, through its contractually controlled affiliates Hangzhou Jiuzhou Grand Pharmacy Chain Co., Ltd., Hangzhou Jiuzhou Clinic of Integrated Traditional and Western Medicine General Partnership, and Hangzhou Jiuzhou Medical & Public Health Service Co., Ltd., operates a retail pharmacy chain in China offering both western and traditional Chinese medicine. The chain currently has 45 stores throughout Zhejiang Province.