Overseas chain stores find the going tough
By Tang Zhihao in Shanghai | China Daily | Updated: 2013-04-01 05:47
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A Carrefour SA outlet in Zhengzhou, the capital city of Central China's Henan province. In January Hong Kong-listed CP Lotus Corp reportedly closed one of its stores in Beijing after the rent increased and it suffered losses. In 2012, United States-based Wal-Mart Stores Inc closed five outlets including three convenience stores and France-based Carrefour SA closed two in China. Lang Sha / For China Daily |
Year-on-year growth falls in the face of tougher competition, rising rents
China was an ideal business destination for global retailing giants in the 1990s. However, changing conditions now make the journey here less easy.
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