date:Jul 17, 2013
Management Association.
Sources with the association said the net profit of the top 50 chain retailers in Guangdong plunged in 2012 due to rising costs.
For example, a local retail giant, Guangzhou Grandbuy, reported a net profit decline for the first time since it was publicly listed in 2007. Its operating revenue grew just 2.3 percent year-on-year in 2012.
Sun attributed the weak numbers to rising online shopping and increased operating costs for retailers.
Foreign retailers need to change