HKUST Li & Fung Supply Chain Institute and China Commerce Association for General Merchandise (CCAGM) are pleased to present the China’s Department Stores Report 2024-2025.
According to report, the consumer goods market will continue to grow in 2025 with the proactive government policies to boost consumption and the improvement in consumer confidence. The latest forecasts by the Institute predict that China’s gross domestic product and total retail sales of consumer goods will grow by 4.5% and 5.0%, respectively, in 2025.
A survey jointly conducted by the Institute and the CCAGM shows that 24% of surveyed department store operators expect their sales to grow in 2025, a significant decrease from 66% in last year's survey. This year marks the tenth consecutive year that the series of reports has been released.
To better serve the discerning consumers and cope with intensifying competition, department store operators are driving the industry's transitioning from traditional retail spaces through systematic upgrades in physical spaces, business formats, product categories, and strategic positioning. The survey shows that 63% of surveyed enterprises consider accelerating transformation and upgrades to be the primary development trend for the department store industry in the next three years.
Find out more from the newly released China’s Department Stores Report 2024-2025, which collects and analyzes data from 80 department store operators. The report analyzes development trends in the industry in the past year, discusses major issues and challenges facing the industry, and puts forward policy recommendations from retail enterprises to promote the healthy development of the industry.