Shinsegae Group, the largest retailer in South Korea, plans to open 1,000 supermarkets in China, the Xinhua News Agency reported, citing the company's CEO Koo Hak-su.

The retailer, which currently has 20 supermarkets all across China, plans to open 10 more in the Chinese market this year. Shinsegae launched its first supermarket, E-mart, in China in 1997, according to Koo.

Shinsegae will stick to its expansion strategy in China to further tap the world's most potential market with such a huge population. In recent years, its investment in China has amounted to KRW 100 billion, 10% of the group's annual investment worldwide.

Shinsegae, with eight department stores and 120 supermarkets throughout South Korea, recorded annual sales revenue of KRW 14.5 trillion last year.