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Development report of China’s department store retail industry in 2020-2021 From China Department Store Association & Feng Group

The following is the Development report of China’s department store retail industry in 2020-2021 From China Department Store Association & Feng Group recommended by And this article belongs to the classification: Chinese economy, research report.

China Department Store Association and Feng’s group Li Feng research center jointly released the “2020-2021 China department store retail industry development report”.

The report shows that in early 2020, the unexpected COVID-19 greatly accelerated the transformation of China’s department store enterprises, and the progress of the digitalization process of all sectors was obviously accelerated.

The epidemic situation and home isolation policy have a significant impact on the retail industry which relies on offline passenger flow. The department store industry has been seriously hit during the epidemic period, and the revenue and profit of department store enterprises have generally declined sharply. Thanks to the effective control of the epidemic situation in China in the first half of 2020 and the continuous recovery of consumption in the second half of 2020, major department stores have started to reopen one after another. Meanwhile, department stores actively help themselves through online channels. In terms of performance, more than 70% of department stores have positive annual net profit.

The epidemic situation forced department stores to accelerate the development of online and offline integration of Omni channel business. According to China shopping mall Association and Li Feng research center jointly launched a questionnaire survey, nearly 90% of the respondents said that they had launched online business, including WeChat small program / official account mall, live broadcast group purchase, group buying service, home business, etc. In addition, 66% of the enterprises surveyed said that compared with the same period last year, the sales of online business had increased significantly.

In addition, the scale of domestic consumer goods market continues to expand, the consumption structure is also undergoing major changes, and the consumer demand for improving the quality of life is increasing. In the past year, the performance of luxury goods has been outstanding, which has driven the performance growth of high-end department stores; cosmetics have become the main category of department stores, and many department stores have begun to vigorously layout the beauty area of department stores.

In order to meet the increasing quality and experience consumption needs of customers, the industry has obvious trend of adjustment, transformation and upgrading. In 2020, many department stores will readjust their space utilization, upgrade their hardware level, and increase all kinds of interactive experience, such as increasing the introduction of catering projects, art and culture exhibitions, and children’s entertainment. After the completion of the transformation and upgrading, these experience projects generally bring a lot of passenger flow to the shopping malls, and increase the popularity of the shopping malls.

Looking forward to the future, the report also puts forward a series of policy suggestions for the development of department stores: Mining and paying attention to the commercial landmark value of department stores in the city, speeding up the digitization to the deep water area, the government giving appropriate financial subsidies to activate consumption, strengthening the commercial regulation planning of department stores in the city, and promoting the mixed ownership reform of state-owned holding retail enterprises.

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