Changing consumer habits push China retail transition: report
BEIJING - Changing consumer preferences have created challenges as well as opportunities for China's retail sector, a recent report points out. Department stores and high-street shops are loosing customers, who seem to be moving more toward shopping malls and online-market places, according a report by international rating agency Fitch. Retail sales for the top 50 domestic retailers declined by 1.9 percent year on year in the first nine months of 2016, according to China National Business Information Center. As Fung Business Intelligence points out, shopping malls offer the customer "experiential shopping," which connects the customer to food and beverage offerings, lifestyle and entertainment options; and links the online-to-offline shopping experience. Chinese online retailers saw record sales on Friday's Singles' Day shopping event, and many offline stores also jumped on the bandwagon.
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