China continues to offer huge opportunities for retailers, with lower-tier cities set to lead a new phase of development, according to a report.
The Global Retail Development Index, a study from consulting firm AT Kearney, ranked the top 30 developing countries in terms of their retail expansion potential. Chile topped the list, with China in second.
Retail sales in China increased by 13 percent in 2013 to USD2.6 trillion as consumer confidence rose. "A major retail driver in China is online sales, which stood at almost USD300 billion last year," Sherri He, a partner at AT Kearney in Beijing, told China Daily. That represented a 42 percent lift year-on-year and an 8 percent share of the retail market.
(Source: Warc.com)