Media Updates, page-9672

There is definitely a lot of untapped potential but I don't know the exact figure. I recall the leading domestic brand, Feihe, being in something like 100-120k stores. The number of overall MBS stores is of course growing as well.

Of course, it will be harder/ more margin intensive to achieve penetration in Tier 3 cities, so at a certain point in expansion there may be some diminishing returns from the roll-out itself, but there is no sign it is there yet. However, when it does reach that point, there is still the potential for revenue growth from increases in in-store volumes (as well as pricing). So store growth is just the first part of the picture and there's still along way to go on that.