Foreign retailers are expanding their presence and navigating their strategies in China as the country aims for wider opening-up as its consumers pursue high-quality products.
Facing the complicated situation of rising risks and challenges both at home and abroad this year, China has maintained sustained and sound economic and social development.
A meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee Friday emphasized the importance of deepening reforms in the economic system to achieve a higher level of opening-up.
For foreign retailers and local consumers, this meeting demonstrated China's commitment in further opening up and creating an increasingly prosperous market while the world economy is mired in sluggish growth.
AN OPEN MARKET
Since the beginning of this year, a slew of international companies including Adidas, Nike and Lego have opened new flagship stores in major Chinese cities, while German supermarket chain ALDI entered the Chinese mainland market and Lawson convenience stores swept across third- and fourth-tier cities, according to the Ministry of Commerce.
Such trends demonstrate that China remains one of the most important yet challenging consumer markets that many retailers simply cannot afford to ignore, and Chinese consumers are increasingly discerning as they continue to demand a better customer experience.
Two years after debuting in China, German discount supermarket chain ALDI officially launched its first pilot stores in Shanghai on June 7, followed by three more launched in October, which were customized and tailored specifically to meet consumers' needs.
"Chinese consumers' enthusiasm and support strengthened our confidence in long-term development here," said Yougang Chen, president of ALDI China, adding that the newly-launched stores will help expand the range of services.
Walmart China plans to accelerate its expansion by opening more than 500 new stores and "depots" (smaller warehouses) in the next five to seven years and updating 200 existing stores in three years, according to a press release.
Net sales of Walmart China increased 6.3 percent in the third quarter with its comparable sales up 3.78 percent, setting a record for the past five years.
Overseas retail companies' interest in expanding their market in China has also been fueled in part by the second China International Import Expo, which sent a strong signal about China's commitment to wider opening up.
LEGO Group CEO Niels B. Christiansen told Xinhua that China is seen as the group's "strategic growth market," which recorded double-digit growth in consumer sales in the first six months.
The company has partnered with Chinese e-commerce platforms like Alibaba to boost its sales and branding. It also teamed up with tech giant Tencent to soft-launch the children's mobile game LEGO Cube.
