According to the Economic Intelligence Unit, China is expected to overtake the U.S. as the world’s largest retail market by 2016. With the retail market in most of the developed world still recovering from the global slump, the Chinese market is viewed as providing greener pastures for retailers looking for expansion.
The Chinese government is trying to change its development model more towards domestic consumption rather than dependence on exports. The result is that retailing in the world’s fastest growing economy is poised for growth.
Changes in China’s socio-economic framework have also led to the emergence of a buoyant retail sector which thrives on the ever hungry Chinese consumer. Domestic retailers are already benefiting from this mounting retail appetite. Now we are seeing global retail chains looking to expand and take part in this booming retail market.
To succeed in the Chinese market, it is important for foreign retailers to fully understand China’s legal system, business environment and culture. For example, there are certain legal limitations and restrictions in the Chinese business environment that companies in the West will not have encountered and may not be able to anticipate.
Eurostop is a long standing UK based provider of retail systems for fashion, footwear and general merchandise. For the last seven years we have been building our business in China and other countries in Asia and intend to help others do the same.
From our offices in Shanghai, Xiamen and Singapore we have been able to offer retailers in the region a strong, local support network backed up by the latest technology. Our retail management and EPOS solutions are used across China and Asia and are available in English and Chinese language options. We are already working with several well-known chains from the UK and USA now trading in China. Our largest customer is the sports retailer ERKE which has 7,000 stores across the country.
Just recently, ANTA Sports Products Ltd (www.anta.com) selected Eurostop’s e-retail and e-pos solutions to support its rapid growth. This is interfaced with SAP. Already with 12,000 retail stores, Anta is looking to further expand across the whole of China and beyond.
With the China economy offering huge opportunities for retailers looking to expand, we are poised on a retail wave. We have the experience and expertise to help customers to overcome cultural and legislative issues and seize the opportunities that this new market offers.