China Latest News - Inside Retail Asia

FJ Benjamin to close stores

Listed Singapore retailer FJ Benjamin says it will close some stores in Singapore and scale down others as it manages a downturn in sales. The company’s plans – of which there were no further details – were included in the first quarter financials released on New Year’s Eve. FJ Benjamin posted an improved profit despite a massive 22 per cent slump in sales. In the three months to September 30 sales totaled S$75.4 million, compared with $96 million in the same period in 2013. Gross prof…

Drugstore giant in share buyback

China Nepstar Chain Drugstore, one of China’s largest pharmacy networks, is to launch a share buyback program to boost its stock price. Under the terms of the Share Repurchase Program, the company may repurchase up to US$5 million worth of its issued and outstanding American Depositary Shares from time to time over the next 12 months. The repurchases will be made on the open market at prevailing market prices or in block trades as regulations allow. The timing and extent of any repurchas…

Store redesign boosts Suning sales 30%

China’s Suning is rolling a new retail format out across Hong Kong after a stunning 30 per cent sales increase in the first store. The award winning creative execution is now being introduced progressively through Suning’s 30+ store network across the city. Despite its market leader position in consumer electronics retail in China, as a new entrant to the Hong Kong market competing against a multitude of local brands, Suning was struggling to secure premium locations with an identity w…

Inside China: retailing’s new powerhouse

Shanghai might be inside China – but the modern, affluent, westernised city with its glitzy architecture, expensive cars and countless luxury retailers is not the real China. China is a tale of two economies: the fast, flashy city, and the hinterland where the majority of people remain relatively poor and eke out an existence waiting for their inevitable migration to the cities. Which explains why you can walk around a gleaming new mall packed with expensive brands like Burberry, Louis Vui…

Chinese supermarket chain narrows loss

Chinese supermarket chain QKL Stores has halved its net loss – from $31 million in 2012 to $14.3 million in 2013. Revenue decreased by 22.6 per cent to $282.8 million from $365.6 million, it says. It closed three shops in 2013, taking its store count to 27 supermarkets, 14 hypermarkets and four department stores. This year’s plan include opening three new supermarkets or hypermarket stores. “We maintain confidence in our strategy of strengthening our store presence in Tier 4 and 5 citie…

Supermarket giant’s profit slides

Hong Kong-based supermarket operator China Resources Enterprises has seen its net profit for 2013 slide 52 per cent, dragged down by its weaker retail division. CRE said net profit dropped from HK$3.95 billion in 2012 to HK$1.9 billion (US$246 million) in 2013. “China’s economy saw slower growth momentum and faced challenges throughout the year under review,” said CEO Hong Jie. Rising labor costs have hurt the retail business, which declined 65 per cent. The company operates more than…

Chinese supermarket plans expansion

Chinese supermarket chain Yonghui will open 60 new stores this year. Its expansion plan will continue over the next three to five years as it is targeting to open 40-50 stores during the period. Last year, Yonghui opened 46 stores, mostly in mature markets like Guangzhou, Shanghai, Beijing, Chongqing and Fujian. As at January 1, the retailer has opened 293 stores across China. Yonghui is not alone in its expansion efforts in the nation. Its foreign rival Walmart will accelerate developm…

Yonghui expands supermarkets

Chinese supermarket chain Yonghui plans to open six new stores this year. The first three have opened at Wanda Plaza with the other three to open in Harbin, Xi’an and Nanjing. Each supermarket will have a retail floor area of between 8000 sqm and 15,000 sqm. Yonghui has already opened 16 supermarkets within Wanda Plaza since it started its collaboration. It says it aims to have 350 stores and a sales revenue of 50 billion yuan ($8.1 billion) by 2014. Yonghui was founded in 2000 an…

AS Watson to open China premium supermarket

Health and beauty retailer targets high income Chinese consumers.

Jingdong opens online supermarket

Chinese e-commerce company commits to serving Chinese’ daily needs.

Supermarkets on the rise in China

Report projects ongoing growing supermarket industry.

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