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Alternative retail channels force malls to adjustThere has been growing excitement in China about retail sales which have grown at a double-digit pace for more than the past decade. One result is the construction of a large number of new shopping malls, so many in fact that we don't believe they will all survive. At the same time, the Chinese have been one of the most aggressive nations at embracing on-line shopping. If that wasn't enough competition, outlet malls have begun to emerge offering shoppers a discount on a number of well-known foreign brands in a single location. Finally, with approximately 100 million Chinese citizens traveling abroad annually, many are shopping abroad for themselves and others and they return not only with merchandise, but with increased expectations around what a retail experience should be. In the industry this new competition is summarized as the three "O's" referring the Online, Outlet and Overseas competition that domestic retail outlets now compete against. In this article we explore more detail around each of these competing categories and how Chinese malls are adjusting.
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12 December 2016