Heads of Chinese companies in retail sector said here Thursday that a growing number of retail chains and consumers have learnt to stay ahead of the business curve despite a cooling Chinese market.
Addressing the 10th edition of the World Retail Congress, Victor Fung, the Chinese-American Group Chairman of Hong Kong-based multinational Fung Group, said albeit the cooling Chinese economy, "the future is still bright especially in the service sector where we expect 56 percent growth in the next five years."
Lucy Wu, Vice President of the Chinese Store and Franchise Association affirmed Fung's optimism, saying that 110 shopping malls opened in 2015 in China, and the trend is expected to continue on a high note, she added.
Yan Zhang, Co-founder and CEO of Chinese lifestyle and fashion site Yetang.com agreed, said that China still has huge market potential with consumers from different income levels. "The day you launch an online sales channel in China, you will have a national chain, while it is very difficult to realize this offline," said Zhang.
He said unlike Western countries, Chinese's new brands are not necessarily associated with shopping malls, but come from the internet where consumers can compare prices and read feedback. "The last five years saw many celebrities and bloggers emerging who became important references for millions of consumers, which is also fueling consumer spending," said Zhang.
The three-day World Retail Congress which took place for the first time outside Europe ended on Thursday.
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