Toy retailer Toys “R” Us said it will open between 30 to 40 stores annually in China, as the local toy and game market in China took in $31.6 billion in 2016.
With China’s penchant for toys and consumers preferring to see and touch products before purchasing, Roy Sammartino, managing director of Toys “R” Us China stressed the importance of a growing physical store presence in China.
“China is our fastest-growing market with more store openings than anywhere else in the world,” Sammartino told China Daily in an interview.
The American firm’s stores would open mostly in major cities, while regional and online shoppers would be able to access products via its online stores.
“Internet retailing continues to gain a strong share, as the pricing of products in online stores helps it capture sales from other channels,” Euromonitor International Senior Associate Carol Lu told the leading daily.
“For toy and game firms, internet retailing is an important tool for marketing their products in regions where they have a limited presence.”
Meanwhile, popular movies continue to drive the sales of toys and the impact lasts a long time, said experts.
According to Euromonitor, China’s total toy and game market was worth 218 billion yuan ($31.6 billion) in 2016. Traditional toys and games accounted for around 70 billion yuan.
Founded in 1948 by Charles Lazarus, Toys “R” Us in headquartered in Wayne, New Jersey, in the New York City metropolitan area.
Toys ‘R’ Us currently has two online stores and 134 physical stores in 55 cities in China. It boasts 883 stores in the United States, Puerto Rico and Guam and another 1,049 stores in 37 other countries and regions around the world including Australia.
(Source: Vinny Halo)