News Column

54% Department Store Firms Suffered H1 Net Drop

September 5, 2014



BEIJING, September 5, SinoCast -- 28 or 68% of 41 listed department store companies in the statistics of Shenyin Wanguo suffered a year-on-year drop in operating revenue the first half of this year, 22 or 54% suffered a year-on-year drop in net profits and 17 or 41.5% suffered a year-on-year drop in both operating revenue and net profits.

According to linkshop.com.cn, 12 department stores were shut down.

This July, Wangfujing shut down the department store in Zhanjiang due to loss; Parkson shut down the department store in East Fourth Ring Road, Beijing. In August, PCD Stores shut down the Qingdao store.

Since last year, a number of department store companies, such as Tianhong, Intime and Wangfujing, announced the entry into the O2O field.

By the end of this August, Wanda, Baidu and Tencent announced they planned to spend CNY 5 billion establishing an e-commerce company to become the world's largest O2O e-commerce company.


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Source: Sinocast Consumer Products Beat (China)


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