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Global retail giants invest in Chinese market Release date： 2024-01-17 Source：chinadaily.com.cn
Global retail giants and supermarket chains are rapidly expanding their footprints in China, indicating their confidence in the country's economy, huge market and upgraded consumption vitality, Xinhua News Agency reported.
In the latest move aimed at boosting their presence in the Chinese market, in November last year, two foreign companies, Japanese retail giant Aeon and Sam's Club, the high-end warehouse club chain of Walmart Inc, both opened their new outlets in Wuhan, Central China's Hubei province.
The 111-year-old German supermarket chain Aldi, which was founded in 1913, also opened a new store in Shanghai's Pudong New Area in November. In South China's Guangdong province, US warehouse club chain Costco opened a new Shenzhen store on Jan 12 of this year, marking a crucial step in the retail giant's expansion into South China.
These moves have showcased foreign retail giants' confidence in China's economy and their commitment to China's market, which is the second-largest market in the world, Xinhua said.
Latest figures show that China's total retail sales of consumer products hit 42.8 trillion yuan ($6.03 trillion) in the first 11 months, up 7.2 percent year-on-year. The growth pace accelerated from a rise of 6.9 percent registered in the January-October period, according to the National Bureau of Statistics.
Foreign companies are increasing their bets on China's market in anticipation of significant potential and a promising long-term prospect.
Walmart earlier predicted its high-end warehouse club chain Sam's Club will open 6-7 new stores in China every year. Japan's Lawson Convenience Store said its store count is expected to reach 10,000 in China by 2025.
According to the Central Economic Work Conference, which was held in Beijing in December, China will focus on spurring domestic demand, and efforts should be made to stimulate potential consumption, expand effective investment, and form a virtuous cycle between consumption and investment.
As the engine of consumption is further revved up, as well as the higher-level opening-up and improved business environment, more foreign-funded shopping malls and supermarkets are expected to place their votes of confidence into the Chinese market, the report added.
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