Largest chain stores re­port low­est sales in 16 years

China Daily (Canada) - - NEWSCAPSULE -

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.

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