Rising Industry -China Retail
Chinese first industry to be deregulated for overseas investment was its retail sector and this sector is now looking for new ideas to grow to face the excessive competition from foreign retail giants.
In China's culture, food plays an essential role, and is also important in business & personal relationships. Thus, one should not be surprised to know that consumer food is the main driving force of retail revolution in China. Consumers in China has a tendency to save than spend. As a result of this, the Chinese market is price driven & thus, local goods do better than the imported ones.
The retail sector of China has experienced significant expansion in the last 10 years & during the same period, it has undergone extensive structural transformation. The cities most affected by retail revolution are Dalian, Shanghai, Beijing & Guangzhou, however, the trend can be witnessed in entire China.
Supermarkets & convenience stores, designed after popular commercial layouts in Western & Southeast Asian nations, has brought more options & more comfortable environment of shopping for the Chinese consumers. The chain stores concept, another foreign model, has helped to conjoin the sector and augment the brand use. The retail sector in China is turning into a battlefield as supermarket giants and foreign department stores are flocking in to revolutionize the shopping experience in China.
Apart from salt, tobacco, newspapers, pharmaceutical products, magazines, crude oil &chemical fertilizers, China now permits foreign ventures to set up retailing and wholesaling joint ventures (JVs) with domestic companies. Restrictions that were previously imposed on shareholder structures, etc, are being lifted gradually.
According to experts, China's retail sector would maintain a healthy growth percentage. Disciplined competition & cooperation would lead the domestic retailers to sustainable and healthy development & reform.
For further information on China retail sector, read the report "China Retail Sector Analysis (2006-2007)" published by RNCOS at: http://www.rncos.com/Report/IM059.htm
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