RetailWATCH: China Retail – Hypermarkets and supermarkets in China, the Fung Business Intelligence Centre
Hypermarkets and large supermarkets are expected to see sluggish sales growth in the coming year and store closures are set to continue, according to a new report released on Thursday.
Large-scale retailers need to increase efforts to accelerate format revamps and enhance customer experience. Embracing new technologies to provide a better quality, in-store experience is the key to attracting and retaining customers, the report of the Fung Business Intelligence Centre China Retail – Hypermarkets and supermarkets in China suggests.
Growth in China's retail sales during the Lunar New Year holidays slowed to 11 percent from 13.3 percent during the same period last year, the Ministry of Commerce said on Wednesday.
China's retailers and caterers posted sales of CNY678 billion (USD108.3b) over the Chinese New Year holiday period, between Feb 18 and Feb 24 this year, data from the ministry showed.
Expanding overseas is a priority for most e-commerce companies in China, a study on cross-border commerce shows.
The survey, undertaken by Rackspace, revealed that many are looking abroad for growth – 34 percent plan to expand overseas, 46 percent already have and only 20 percenthad no immediate plans to expand at all.
A new line of resorts is set to offer China’s rising middle class a unique travel and retail experience. Jihua Parks will open the first of their destination centers at the end of the year. Geared toward activity sports but also encompassing the shopping, hospitality, and entertainment sectors, the parks are designed as leisure destinations for middle-class travelers, and will give them the chance to purchase international brands not easily obtained in China.
China will surpass the United States as the world's largest retail market within the next three years, according to new research.
Retail sales volume growth will hit 7.9 percent by 2018, compared with 2.6 percent for North America and the global average of 3.4 percent, PwC and the Economist Intelligence Unit (EIU) said in a joint report on Thursday.
A look at China's trajectory reveals a dwindling pace of growth over the years, yet its figures remain well above global peers.
China's fast moving consumer goods sales growth slowed to 5.4 percent last year from 7.4 percent in 2013 while county-level retail sales grew 8.8 percent as a report on Wednesday showed a shift in growth pace in different regions of the country.
Sales volume at e-commerce channels grew by an annual 34 percent, compared with a 5.1 percent gain from modern sales channels such as hypermarket chains, supermarkets and convenience stores, market research company Kantar Worldpanel said in a report.
Online retail spending in China will exceed US$1 trillion by 2019, according to a new forecast from Forrester, up from USD307 billion in 2013.
"The China Online Retail Forecast 2014 – 2019" also estimates that spending via mobile will grow at 44.2 percent compound annual growth rate (CAGR), twice as fast as online sales, which are estimated to grow at 19.9 percent CAGR.
Mobile sales and online retailers’ expansion into new product categories will be the twin drivers for eCommerce growth in China over the next five years.
Chinese corporates and wealthy consumers are taking gift-giving down a notch this Lunar New Year, opting for iPhones instead of Birkin bags or Louis Vuitton wallets.
The annual holiday, which falls on February 19-20 this year, is a time of gift exchange between family, colleagues and business contacts.
The head of China's commerce regulator met with Alibaba's chairman Ma Yun on Friday to exchange opinions on joint efforts to fight fake products.
During the meeting, Zhang Mao, minister of the State Administration for Industry and Commerce (SAIC), reaffirmed Alibaba's positive efforts in safeguarding consumer rights, purifying the business environment and promoting self-discipline.
Chinese consumers' sentiment dipped in January as the outlook for jobs lowered despite improvement of personal finances outlook, a latest study shows.
The Westpac MNI China Consumer Sentiment Indicator dipped 0.3 percent from a month ago to 112.1 in January, the Australian bank and the German financial news company Market News International said in a joint report.
The figure is only slightly up from the record low seen on October 2014, and since January last year, the index has gone down altogether 8 percent.