Sun Art Retail says slowing growth dampens store sales
Sun Art Retail Group Ltd, China’s largest hypermarket operator, said same-store sales growth for 2014 will not increase for the first time in six years due to the slowing economy and the government’s anti-corruption measures. The expiration of Chinese subsidies for energy-saving electrical devices also affected sales, Chief Financial Officer Jean-Patrick Paufichet said at a news conference on Thursday. Retailers in the world’s second-biggest economy are grappling with a slowdown as the Chinese government seeks to tame property price gains and control credit growth. Spending by government officials and businessmen on luxury items and liquor have also plunged as the country has been pursuing an anti-corruption campaign. shipments of goods worth more than 300 million yuan ($48.76 million), through cross-border e-commerce by Aug 10. The goods involved six e-commerce platforms and 34 online vendors. Guangdong Postal Express & Logistics Co declared 5.8 million shipments in exports. Imports amounted to 90,000 shipments, which involved more than 70,000 consumers.