Chinese Retail News
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Retail sales in Beijing rose to Yn339bn (£30bn) in the first eight months of 2009, up 14.3 per cent year-on-year, reports Savills. Outlet stores benefited greatly from the economic downturn.
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French luxury brand Louis Vuitton plans to open a 2,000-sq m flagship store, one of the largest in the world and the largest in China, in Shanghai before the Expo starts in May 2010.
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Retail sales during the eight-day National Day holiday in October hit a new high, with the home appliances, jewellery and catering sectors all experiencing a surge.
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Lotte Shopping, South Korea’s biggest department store owner, is to buy the Chinese supermarket operator Times Ltd in a deal reported to be worth US$625m. Lotte, which is reported to have beaten China’s Wumart Stores to clinch the deal, will gain 65 stores on the Chinese mainland.
Sources: CBBC, Xinhua, Financial Times, Wall Street Journal, FCO Country Updates and other news sources.
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