Convenience stores post rise in sales

Source: Xinhua | 2017-05-11

CHINA’S convenience stores posted a 13 percent rise in sales from a year ago to 130 billion yuan (US$18.8 billion) in 2016.

The average daily transaction of a single domestic convenience store gained 4 percent to 3,714 yuan, according to a joint report released by the China Chain Store & Franchise Association and the Boston Consulting Group at the China Convenience Store Convention in Shanghai yesterday.

The total number of convenience stores on China’s mainland rose 9 percent to 98,000 at the end of 2016, the report added.

Market research firm Eurominitor International predicted that the retail value for convenience stores in China is expected to grow 10.5 percent annually by 2020.

Wang Hongtao, deputy secretary-general of China Chain Store & Franchise Association, called for businesses to strike a balance between growth pace and profitability, and be alert to competition from Internet companies.