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China's Top 100 to Launch Retail Sale "Armada"
China's top 100 chain retailers met in Beijing March 25 at a conference to launch their retail sale "armada" to meet challenges from abroad prior to China's entry into the WTO.
The top 100 chain retailers have had their placing by China Chainstore and Franchise Association according to their sales and turnover in 2000. Launched with a total of 7,685 stores they achieved an amalgamated 98.2bn yuan worth sales amount, each earning an annual 980m yuan from retail sales in 2000.
Statistics tell that retail sales by the top 100 had achieved a higher growth than the whole of social sales in China, with their sales amount making up 2.9 percent of the national in 2000, a 45 percent increase over 1999. From 1997 to 2000 their yearly sales increased by an average of around 70 percent. The Association is to publish the ratings of every year's top 100 retail enterprises in China.
After 10 years' efforts made China's retail enterprises have been placed in a good stead in developing domestic bushiness, but they are still lagging far behind their foreign counterparts in terms of scales and strength. Take Lian Hua Supermarket, bellwether of the top 100, for example. Its over 10bn yuan sales paled beside the US$200bn of Wal-Mart, the world's number one retail company. China's retail industry, including chain retail sale, will face greater pressure from transnationals of the same trade abroad. Chinese retailers likewise have to get themselves fully prepared and have their competitive edge sharpened against possible challenges from abroad.
The conference as is now being held in Beijing is aimed to promote mutual understanding and cooperation among participants, says Guo Geping, director of the Association. A bunch of large retail companies as Shanghai Hualian Supermarket and Beijing Xidan Market is reported to have been on their way to set up their retail sale "armada" and prepare to fight it out with large foreign transnationals.
By PD Online staff member Li Heng
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