The slowdown of the Chinese economy is forcing Western retailers to rethink their once rampant expansion in the country while making big shifts in their strategies.
Wal-Mart Stores Inc. is opening only half the square footage originally planned in China this year, while British retail giant Tesco PLC has shut four stores in China. US-based Levi Strauss & Co., whose third-quarter revenue in Asia-Pacific dropped 26 percent, blamed slowing consumer spending and stiff retail competition last month for its decision to phase out its lower-priced Denizen jeans brand in China, India, Pakistan and Singapore.
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(Source: The Wall Street Journal Online)