China retail
If one thought of China only as one of the major wholesale market in the world where low priced products can be purchased in bulk, it is high time make correction. As not only the wholesale, China retail market is growing simultaneously. In fact the China retail is witnessing a major paradigm shift. With China emerging as one of the largest markets, there has been a tremendous increase in the disposable income of the people leading them to choose higher quality and selected products, with higher brand value, even if they have to shed some extra pennies in retail market. The increasing likeliness for the China retail is due to the western and modernization effect and increase in the expectation of consumers from the products. Going by a recent survey, it is said that now-a-days even Chinese people prefers shopping from a retail store where it is convenient, spacious and a variety much evident from a recent statistics that shows that even during the recession, when everywhere sales are dipping China retail has registered a growth of 14.8% during April 2009 and China retail sales touched CNY934.32 billion in the month of April. Meanwhile the total China’s retail sales increased by 13.9% in urban areas and 16.9% in country sides as compared to that of last year. At times when the local mom and pop stores are busy in giving their stores a makeover in order to attracts those new age buyers, who does not go by price tags alone instead looks for overall ambience, many retail giants are making efforts to increase their footprints in China retail market in order have a share in third largest retail market of the world. Be it Wal-Mart, Carrefour, Metro or Bentonville all the foreign retail giants have already planned up number of retail stores in China in near future. So next time you visit China ,you can certainly fix date with these retail giants ,having good foothold in China retail market and offering fair deal to the buyers.
On the other hand the traditional stores in China retail market are going for makeovers either in price, ambience or even the quality and brands they used to offer. The makeover is basically to withstand the competition from the western counterparts such as Carrefour and Wal-Mart. Along with the immediate changes in logistics, staffs and marketing strategies by the local store owners, government too is lending a helping hand to make them sustain in competitive environment. Yet the local retail stores has long way to go. As a result today China retail market is mainly occupied with the foreign players rather than local ones. Till date, wholesale market forms the major part and parcel of China. But in times to come mom and pop stores in China will have to graduate to the specialized retail stores which have something more to offer instead of just the regular stuffs or besides merely selling the products. As good customer service too has become indispensable part of retail market.
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