date:Apr 03, 2013
st year.
Surging rents are to blame for a contraction among foreign chain stores in the country, according to an industry insider.
Zeng Lingtong, an expert with The Beijing Enterprise Management Consulting Firm, said retailers have reached a peak season to renew rental contracts with landlords for stores that opened before the year 2000.
Foreign retailers, encouraged by soaring market expectations, expanded rapidly in China in past years, overlooking challenges in some locations to gain profit