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Top 100 China retail chain stores’ sales rise 3.5%

Sales of China’s top-100 retail chain stores and franchisees in 2016 grew 3.5 percent from a year ago, the lowest growth pace since the survey started 20 years ago, an industry report said yesterday.

Combined sales of the top-100 retail chain stores amounted to 2.1 trillion yuan (US$305 billion) while the total number of outlets climbed 5.9 percent from a year earlier to around 114,000, the China Chain Store and Franchise Association said in the report.

SEE ALSO: China retail sales grow slower 9.5% in first two months

A new contributor to growth in transactions last year was online sales, which jumped 69 percent from a year ago to 120 billion yuan, or 5.8 percent of the total merchandising value.

Sales of specialty shops rose 6.5 percent while those of shopping centers added 1.6 percent, the report said.

Convenience chain store operators opened new stores as they expanded their retail network, while department stores and large supermarkets closed stores.

More than 80 members of the top-100 chain stores have developed house brands to boost profitability and this move contributed 5 percent of overall sales for these retailers on average, according to the association.

(Source: Shanghai Daily)

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