The Wanda Department stores are located in first- and second-tier cities, with more than 4m registered customers, Suning said in a press statement. The sale price was not disclosed.
“The prosperity of the physical retail industry must not only rely on the traditional model and experience,” said Suning Holdings Group chairman Zhang Jindong.
“It needs to embrace innovative technology and market concepts to continuously create quality and customized services for consumers.”
Suning intends to improve store operations with its technological capabilities including data learning, artificial intelligence and IoT (Internet of Things).
Suning and Wanda have built a strategic cooperation since over the past four years, with Suning acquiring a small stake in Wanda’s commercial management business last year.
The bricks-and-mortar deal sees the online retailer bolster its omni-channel offering to reach more customers and drive Chinese retail market profit growth.
Founded in 1990, Suning is a major non-government retailer in China and generated about RMB558bn (c. €69bn) in 2018.