Largest chain stores report lowest sales in 16 years
Sales at China’s largest chain stores last year were the slowest since 1998, according to a recent report by the China Chain Store and Franchise Association (CCFA).
Sales rose rose 9.9 percent to 2.04 trillion yuan ($329 billion), the first time the country’s largest chain store operators reported single-digit growth in sales since the CCFA began compiling the top-100 chain store list in 1998.
Sales by the largest chain store companies, including Wal-Mart China, accounted for about 8.6 percent of China’s total retail consumption of goods and services, the report showed.
Among chain-store giants, 21 retail companies cut their number of outlets last year amid rising costs, while 15 posted declines in sales, the CCFA said.