China Retail Report Q3 2012.pdf
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1、Q3 2012 retail report iSSN 2040-9087 published by Business Monitor international ltd. CHiNa INCLUDES BMIS FORECASTS Business Monitor International Limited 85 Queen Victoria Street London EC4V 4AB UK Tel: +44 (0) 20 7248 0468 Fax: +44 (0) 20 7248 0467 Email: Web: http:/ 2012 Business Monitor Intern
2、ational. All rights reserved. All information contained in this publication is copyrighted in the name of Business Monitor International, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic,
3、 electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources believed t
4、o be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions
5、 affecting any part of the publication. All information is provided without warranty, and Business Monitor International makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained. CHINA RETAIL REPORT Q3 2012 INCLUDES 5-YEAR FORECASTS TO 20
6、16 Part of BMIs Industry Report as major cities have slowly begun to saturate, retailers are expanding into tertiary towns and cities or rural areas, looking to guarantee future growth prospects. In many cities, malls and department stores are now the preferred shopping venues for many consumers. Sh
7、anghai, Hangzhou, Ningbo, Nanjing and Suzhou all have malls selling top luxury brands. There have been reports since early in 2011 that the tax on luxury goods (50% for cosmetics and 30% for high-end China Retail Report Q3 2012 Business Monitor International Ltd Page 11 watches) might be cut. Until
8、recently, experts deemed an early cut unlikely since a third of all Chinese consumers believe that luxury products improve their social status. However, a report in the China Daily in March 2012 hinted that the country wanted to reduce the cost of bringing in a range of goods, from watches to handba
9、gs. The paper quoted Wei Jianguo, a member of the National Committees of the Chinese Peoples Political Consultative Conference, as saying: Consumer and luxury goods will help promote domestic consumption and China needs to reduce import duties. SM Prime Holdings, the biggest mall operator in the Phi
10、lippines, has three profitable malls in China in Xiamen, Jinjiang and Chengdu and said in its 2010 annual report that it had a pipeline of mall projects to complete through to 2013. China is a new frontier for SM Prime to grow on a wider scale. Its malls are highly competitive in second- and third-t
11、ier cities where quality malls are virtually unheard of. These are areas where SM Prime can raise the standards for mall development, it stated. SM Suzhou in Jiangsu province opened in the second half of 2011, followed (in 2012) by a mall in Chongqing, which has a population of more than 30mn. In 20
12、13, SM Prime intends to open two malls: SM Zibo in the province of Shandong; and its biggest mall, SM Tianjin, in the Binhai New Area, near Beijing. The latter development will have a GLA of 530,000 square metres (m2). Beyond 2013, the possibilities will be endless for SM Prime, said the company. As
13、 the China malls gain popularity and patronage, greater opportunities for further expansion will likely arise. Chinas depth and breadth are monumentally larger than the Philippines, with consumer spending rising even more rapidly. In its Q411 Greater China Quarterly, global real estate consultancy K
14、night Frank reported encouraging supply and demand indicators. In 2011, retail sales in Beijing (excluding cars) reached CNY558.7bn (US$88.71bn), up 22% year-on-year (y-o-y). The prime retail market grew rapidly as local and international retailers expanded, it said. New supply reached a high level
15、in the fourth quarter with four new shopping centres opening, adding a total of 241,649m2 to the prime retail market. Despite the increase in supply, take-up continued to grow steadily, reducing the vacancy rate by 0.3 percentage points (pp) to 8.6%. International luxury brands continued to expand i
16、n Beijing, with Dior and Marni opening flagship stores in Shinkong Place and Sanlitun Village respectively during Q411. According to Jones Lang LaSalles latest research, mainland Chinas real estate sector witnessed a record level of investment activities in 2011. China Retail Investment Outlook 2012
17、: Gearing Up for Domestic Demand stated that total investment volume reached approximately CNY26.5bn (US$4.2bn). The report also stated that retail accounted for a record high of 30% of total commercial transaction volume in China in 2011, and that investment outside traditional tier I cities reache
18、d an unprecedented China Retail Report Q3 2012 Business Monitor International Ltd Page 12 high, receiving more than half of total transactions. Domestic and Asian investors led the charge in investing beyond tier I cities. David Hand, Head of China Investment at Jones Lang LaSalle, commented: The in
19、creased allocation to the sector and proliferation beyond tier I cities suggest that some investors have already aligned their investment strategies to capitalize on the nascent economic transformation process. More investors are now targeting opportunities in relatively less mature cities where the
20、 impact of urbanization and income growth is expected to feature prominently. Domestic retailers in China have been expanding into secondary and tertiary cities as they look to ensure future growth, while partnerships between local players and multinationals are also allowing for rapid development o
21、f the retail market. By June 2011, GOME Electrical Appliances Holding, Chinas leading retailer of household appliances and consumer electronic products, had 362 outlets in second-tier markets, up from 304 outlets in December 2010. In its 2010 annual report, the company said it believed that first-ti
22、er markets were its fundamental basis, but that second-tier markets will be the focus of future growth. GOMEs 2011 profit fell 6%, missing analyst estimates, as higher costs weighed on Chinas second- biggest electronics retailer, reported Bloomberg. Net income dropped to CNY1.84bn (US$292mn) compare
23、d with CNY1.96bn a year earlier, the retailer said in a statement to Hong Kongs stock exchange. Sales grew 17.5% to CNY59.8bn, and the cost of sales surged to CNY52bn from CNY45bn. Gome opened 282 new stores and closed 29 underperforming outlets in 2011, according to the statement. Network expansion
24、 and development of e-commerce pushed up selling and distribution costs, the company said. Sales at stores open at least a year rose 3.1%. The company plans to add 250-260 stores in 2012. Modern forms of retailing are also revolutionising the industry. According to a report released by Beijing- base
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