Sun Art Re­tail says slow­ing growth damp­ens store sales

China Daily (Canada) - - BUSINESS -

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.

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