Department Store Retailing in China 2009: A Market Analysis

Publication date: October 2009

Keywords : Department Stores, world department store, Department stores retail

This recently updated report includes: • The total, regional and sector value for retail sales, including urban/rural and food/non-food splits, up to the end of 2009; • Statistical data on leading retailer market financials in China up to first half 2009; • Market data for numbers of outlets, total and average store total and retail sales, total and average store sales area; total and average staff, purchasing, net and gross profit...

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Contents
INTRODUCTION 1
Report Coverage 1
Abbreviations Used 1
Other Relevant Reports from Access Asia 2
Free Online Newsletter and Editorials 2
1 NATIONAL DEPARTMENT STORE MARKET 3
1.1 Overview 3
1.2 Department Stores: Defining The Potential Market 4
1.2.1 Defining The Potential Market: So, How Big is the Consumer Market? 4
1.2.2 Defining The Potential Market: The Mythical Chinese Middle Class 5
Table 1.1 MIDDLE AND UPPER INCOME HOUSEHOLDS IN CHINA, 1995/2000/2005/2010/2015 5
Table 1.2 TOTAL CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS, 2005/2010/2015 6
Table 1.3 CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS & % OF TOTAL HOUSEHOLDS, 1995/2000/2005/2010/2015 7
1.3 The Department Store Industry Significance 9
1.3.1 The Department Store Industry Significance: Macroeconomic Context 9
Table 1.4 RETAIL SALES AS A % OF GDP, 2003-2009* 9
1.3.2 The Department Store Industry Significance: The Total Value of the Retail Market in China 10
Table 1.5 TOTAL RETAIL CURRENT MARKET VALUE, 2000-2009 10
Table 1.6 TOTAL RETAIL CONSTANT MARKET VALUE, 2000-2009 11
Table 1.7 PER CAPITA CURRENT VALUE RETAIL MARKET, 2000-2009 11
1.3.3 The Department Store Industry Significance: Developing Domestic Consumption 11
1.3.4 The Department Store Industry Significance: What Is The Definition of a Department Store in China? 14
Nobody Really Knows How Many Shops There Are In China 14
Nobody Really Knows How Many Shop Assistants There Are In China 15
Problems With Definitions Of Retail Sectors 15
1.3.5 The Department Store Industry Significance: Total Retail Industry Above the Government Statistics Threshold 16
Table 1.8 TOTAL RETAIL INDUSTRY ABOVE THE GOVERNMENT STATISTICS THRESHOLD, 2002-2008 17
1.3.6 The Department Store Industry Significance: The Total Retail Industry 17
Table 1.9 THE TOTAL RETAIL INDUSTRY STRUCTURE, 2002-2008 18
1.3.7 The Department Store Industry Significance: Convenience Store Significance Within the Total Retail Industry 18
Table 1.10 DEPARTMENT STORE SIGNIFICANCE WITHIN THE TOTAL RETAIL INDUSTRY, 2003-2009* 19
1.4 Department Store Industry Overall Structure 20
1.4.1 Department Store Industry Overall Structure: Directly-Owned Outlets 20
Table 1.11 DIRECTLY-OWNED DEPARTMENT STORE TOTAL OUTLETS, FLOOR SPACE, STAFF, SALES & PURCHASES, 2003-2009* 20
1.4.2 Department Store Industry Overall Structure: Franchised Outlets 21
Table 1.12 FRANCHISED DEPARTMENT STORE TOTAL OUTLETS, FLOOR SPACE, STAFF, SALES & PURCHASES, 2003-2009* 21
1.4.3 Department Store Industry Overall Structure: Total Outlets 22
Table 1.13 TOTAL DEPARTMENT STORE TOTAL OUTLETS, FLOOR SPACE, STAFF, SALES & PURCHASES, 2003-2009* 22
1.4.4 Department Store Industry Overall Structure: Outlet Efficiency 23
Table 1.14 TOTAL DEPARTMENT STORE MARKET EFFICIENCY, 2003-2009* 23
1.4.5 Department Store Industry Overall Structure: Outlet Profitability 24
Table 1.15 TOTAL DEPARTMENT STORE PROFITABILITY, 2003-2009* 24
1.5 The Relative Potential Markets in Urban Areas 25
1.5.1 The Relative Potential Markets in Urban Areas: The Retail Market Split 25
Table 1.16 RETAIL SALES VALUE BY HABITATION, 2003-2009 25
Table 1.17 RETAIL SALES % BREAKDOWN BY HABITATION, 2003-2009 26
1.5.2 The Relative Potential Markets in Urban Areas: The Leading Commercial Cities 26
Table 1.18 LEADING CITIES KEY ECONOMIC INDICATORS, 2008 27
1.5.3 The Relative Potential Markets in Urban Areas: High Levels of Savings – Self-taxation? 27
Table 1.19 LEADING CITIES KEY HOUSEHOLD SAVINGS INDICATORS, 2006/2007 28
1.5.4 The Relative Potential Markets in Urban Areas: Urban Consumer Spending Power 29
Table 1.20 URBAN AVERAGE HOUSEHOLD EXPENDABLE INCOME, EXPENDITURE, SAVINGS & POTENTIAL EXPENDABLE INCOME AFTER BASIC OUTGOINGS, 2002-2008 30
1.5.5 The Relative Potential Markets in Urban Areas: China’s Leading Shoppers Only Spend US$8 A Day! 30
Table 1.21 US$ PER CAPITA RETAIL SALES BY TOP-, MIDDLE- & BOTTOM-SCALES, 2002-2008 30
1.5.6 The Relative Potential Markets in Urban Areas: Defining “Consuming China” 31
Table 1.22 POPULATION AND PER CAPITA GDP OF “CONSUMING CHINA”, 2008 31
Table 1.23 TWO COMPARATIVE ESTIMATES OF THE TOTAL SIZE AND SHAPE OF “CONSUMING CHINA”, 2008 32
1.5.7 The Relative Potential Markets in Urban Areas: Quantifying “Consuming China” 32
Table 1.24 COMPARATIVE BREAKDOWN OF AVERAGE HOUSEHOLD INCOME & SPENDING IN “CONSUMING CHINA” CITIES’ AGAINST TOTAL NATIONAL AVERAGE, 2008 32
1.6 Does Rural China Have a Potential? 33
1.6.1 Does Rural China Have a Potential?: Per-capita Sales by Province 33
Map 1.1 PER CAPITA RETAIL SALES BY PROVINCE, 2000, 2007, 2008 34
Table 1.25 PER CAPITA RETAIL SALES BY PROVINCE, 2002-2008 35
1.6.2 Does Rural China Have a Potential?: Rural Retailing Development Project 35
1.6.3 Does Rural China Have a Potential?: What The Rural Retailing Development Project Has Added To The Market 36
Table 1.26 RURAL CONVENIENCE STORE NUMBERS BY LOCATION, 2002-2008 37
Table 1.27 RURAL CONVENIENCE FLOORSPACE BY LOCATION, 2002-2008 38
Table 1.28 RURAL CONVENIENCE TOTAL RETAIL SALES BY LOCATION, 2002-2008 38
Table 1.29 RURAL CONVENIENCE AVERAGE OUTLET SALES BY LOCATION, 2002-2008 39
1.7 Leading Retailers 39
1.7.1 Leading Retailers: Department Stores Within The Context Of The Top 30 Retailers By Revenues 39
Table 1.30 CHINA’S TOP 30 RETAILERS, 2005-2008 40
1.7.2 Leading Retailers: Sales of Top 20 Department Stores in China 41
Table 1.31 CHINA’S TOP 20 INDIVIDUAL DEPARTMENT STORES, 2007 41
Table 1.32 CHINA’S TOP 20 INDIVIDUAL DEPARTMENT STORES, 2006 42
1.7.3 Leading Retailers: Retail Sales of Top 20 Shanghai Department Stores 42
Table 1.33 TOP 20 INDIVIDUAL SHANGHAI DEPARTMENT, 2008 42
Table 1.34 TOP 20 INDIVIDUAL SHANGHAI DEPARTMENT, 2006 43
Table 1.35 TOP 20 INDIVIDUAL SHANGHAI DEPARTMENT STORES, 2005 43
1.7.4 Leading Retailers: Sales of Top 10 Beijing Department Stores 44
Table 1.36 TOP 10 INDIVIDUAL BEIJING DEPARTMENT STORES, 2007 44
1.7.5 Leading Retailers: Selected Listed Retailer Revenues 44
Table 1.37 TOTAL REVENUE* OF 28 CHINA-LISTED RETAILERS, 2005-2008 & 1H2008-1H2009 44
Table 1.38 DEPARTMENT STORE REVENUE* OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 45
Table 1.39 MAIN OPERATING REVENUE* OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 45
Table 1.40 SALES PROCEEDS, REVENUE, TOTAL OPERATING REVENUE* OF 5 HONG KONG-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 46
1.7.6 Leading Retailers: Selected Listed Retailer Sales Growth 47
Table 1.41 REVENUE GROWTH OF 28 CHINA-LISTED RETAILER & 4 HONG KONG-LISTED RETAILERS, 2005-2008 & 1H2008-1H2009 47
Table 1.42 5 HONG KONG-LISTED RETAILERS SAME STORE SALES GROWTH, 2005-2008 & 1H2008-1H2009 48
Table 1.43 DEPARTMENT STORE REVENUE GROWTH* OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 49
1.7.7 Leading Retailers: Selected Listed Retailer Revenue By Region 49
Table 1.44 MAIN OPERATING REVENUE GROWTH* OF 28 CHINA-LISTED RETAILERS & BREAKDOWN BY REGION, 2006-2008 & 1H2008-1H2009 50
1.7.8 Leading Retailers: Selected Listed Retailer Non-retail Revenue Significance 51
Table 1.45 OTHER OPERATING REVENUE AS A PERCENTAGE OF TOTAL REVENUE* OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 51
Table 1.46 OTHER OPERATING REVENUE OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 52
Table 1.47 OTHER INCOME AS A PERCENTAGE OF TOTAL OPERATING REVENUE* OF 5 HONG KONG-LISTED RETAILERS, 2005-2008 & 1H2008-1H2009 52
Table 1.48 SHANGHAI BAILIAN GROUP CO., LTD: BREAKDOWN OF OTHER OPERATING REVENUE, 2006-2008 & 1H2008-1H2009* 53
Table 1.49 HARBIN CHURIN GROUP JOINTSTOCK CO., LTD.: BREAKDOWN OF OTHER OPERATING REVENUE, 2006-2008 & 1H2008-1H2009* 54
1.7.9 Leading Retailers: Selected Listed Retailer Gross Profit Margins 54
Table 1.50 COMMISSION RATE FROM CONCESSIONAIRE SALES & DIRECT SALES MARGINS OF 5 HONG KONG-LISTED RETAILERS, 2005-2008 & 1H2008-1H2009 54
Table 1.51 DEPARTMENT STORE GROSS PROFIT MARGINS* OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 55
Table 1.52 OVERALL GROSS PROFIT MARGINS* OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 55
1.7.10 Leading Retailers: Selected Listed Retailer Operating Profit Margins 56
Table 1.53 OPERATING PROFIT MARGINS* OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 56
Table 1.54 OPERATING PROFIT OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 57
Table 1.55 OPERATING PROFIT MARGIN* OF 5 HONG KONG-LISTED RETAILERS, 2005-2008 & 1H2008-1H2009 57
Table 1.56 OPERATING PROFIT OF 5 HONG KONG-LISTED RETAILERS, 2005-2008 & 1H2008-1H2009 57
1.7.11 Leading Retailers: Selected Listed Retailer Net Profit Margins 58
Table 1.57 NET PROFIT MARGINS* OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 58
Table 1.58 NET PROFIT OF 28 CHINA-LISTED RETAILERS, 2006-2008 & 1H2008-1H2009 59
Table 1.59 NET PROFIT MARGINS* OF 5 HONG KONG-LISTED RETAILERS, 2005-2008 & 1H2008-1H2009 59
Table 1.60 NET PROFIT OF 5 HONG KONG-LISTED RETAILERS, 2005-2008 & 1H2008-1H2009 59
1.8 Retail Prices & Operational Costs 60
1.8.1 Prices: Retail Price Indices 60
Table 1.61 AVERAGE INCOME ANNUAL GROWTH BY SECTOR, 2004–2007 61
Table 1.62 RETAIL PRICE INDICES BY BROAD SECTOR, 2000-2008* 62
1.8.2 Retail Prices & Operational Costs: Outlet Rent 63
Table 1.63 NATIONAL AVERAGE RETAIL PROPERTY RENTAL PRICE, 2001-2008 64
1.8.3 Retail Prices & Operational Costs: Salaries 65
Table 1.64 AVERAGE RETAIL STAFF SALARIES BY PROVINCE, 2002-2008 65
Table 1.65 % ANNUAL & TOTAL GROWTH OF AVERAGE RETAIL STAFF SALARIES BY PROVINCE, 2002-2008 66
Table 1.66 AVERAGE RETAIL STAFF SALARY BILL PER OUTLET, 2001-2007 66
1.8.4 Retail Prices & Operational Costs: Business Taxes 66
1.9 Outlook 67
1.9.1 Outlook: Forecast Trends 67
Year of the Ox: Slow and Steady 67
Costs of Operation 68
Consumer Thrift 68
Company Competition 69
Urbanisation 70
1.9.2 Outlook: Total Market Size 70
Table 1.67 FORECAST TOTAL CONSTANT VALUE RETAIL SALES, 2010-2014 71
1.9.3 Outlook: Food/Non-food & Urban/Rural Values 71
Table 1.68 FORECAST CONSTANT VALUE RETAIL MARKET BY FOOD/NON-FOOD & URBAN/RURAL SPLITS, 2010-2014 71
1.9.4 Outlook: Food/Non-food & Urban/Rural Shares 72
Table 1.69 % BREAKDOWN OF FORECAST CONSTANT VALUE RETAIL MARKET BY FOOD/NON-FOOD & URBAN/RURAL SPLITS, 2010-2014 72
1.9.5 Outlook: Growth Rates 72
Table 1.70 ANNUAL GROWTH RATES FOR FORECAST CONSTANT VALUE RETAIL MARKET BY FOOD/NON-FOOD & URBAN/RURAL SPLITS, 2010-2014 72
1.9.6 Outlook: Department Store Sector Measures 72
Table 1.71 FORECAST TOTAL DEPARTMENT STORE SALES, OUTLETS, SIZE & STAFF, 2010-2014 73

2 CURRENT ISSUES 74
2.1 Suburbanisation 74
2.2 Over-development of Malls 75
2.3 Security Guards: Thugs in Disguise 77
2.4 Department Store/Shopping Mall Shoppers 79
Table 2.1 MOST PREFERRED SHOPPING VENUES OF CHINA’S AFFLUENT CONSUMERS, 2007 79
Table 2.2 FACTORS CHOOSING A DEPARTMENT STORE 79
2.5 Rural Retailing Development Project 80
Table 2.3 STANDARDS FOR COUNTRYSIDE STORES IN VILLAGES 81
Table 2.4 STANDARDS FOR COUNTRYSIDE STORES IN TOWNS/TOWNSHIPS 82
Table 2.5 RURAL RETAILING PROJECT COUNTRYSIDE STORES IN VILLAGES, APRIL 2009 83
Table 2.6 RURAL RETAILING PROJECT COUNTRYSIDE STORES IN TOWNS/TOWNSHIPS, APRIL 2009 83
Table 2.7 RURAL RETAILING PROJECT DISTRIBUTION CENTRES, APRIL 2009 83
Table 2.8 RURAL RETAIL DEVELOPMENT PROJECT TOTAL NUMBER OF PARTICIPATING COMPANIES, 2005-2008 85
Table 2.9 RURAL RETAIL DEVELOPMENT PROJECT COMPANY STRUCTURE, 2007 85

3 SWOT ANALYSIS 88
3.1 Strengths 88
3.2 Weaknesses 88
3.3 Opportunities 88
3.4 Threats 89

4 MARKETING & DISTRIBUTION 90
4.1 Marketing & Advertising 90
4.1.1 Marketing & Advertising: Trends 90
Conventional Media Advertising 90
Table 4.1 ADVERTISING EXPENDITURE IN CHINA, 2004-2008 90
Online Advertising 90
Table 4.2 ONLINE ADVERTISING EXPENDITURE IN CHINA, 2004-2008 91
4.1.2 Marketing & Advertising: Leading Advertised Product Categories 91
Table 4.3 TOP 10 ADVERTISING CATEGORIES IN CHINA, 2007 92
4.1.3 Marketing & Advertising: Leading Advertised Brands 92
Table 4.4 TOP 10 ADVERTISED BRANDS IN CHINA BY ADSPEND, 2007-2008 92
4.1.4 Marketing & Advertising: Leading Advertisers 92
Table 4.5 CHINA’S TOP TEN ADVERTISERS BY ADSPEND, 2004-2006 93
Table 4.6 CHINA’S TOP TEN ADVERTISERS BY ADSPEND, 2006-2007 93
4.1.5 Marketing & Advertising: The Prime-time Advertising Auction 93
Table 4.7 PRIME-TIME ADVERTISING AUCTION ON CHINA’S CCTV, 2000-2009 94
4.1.6 Marketing & Advertising: Brand Preferences Choice Factors in China 94
Age & Location 94
Table 4.8 BRAND PREFERENCES IN TERMS OF AGE GROUPS & LOCATIONS IN CHINA, 2007 94
Quality Versus Image 95
Table 4.9 FACTORS DETERMINING BRAND CHOICES IN CHINA, 2007 95
Local Versus Foreign 95
Table 4.10 BRAND PREFERENCES IN CHINA, 2007 95
“Chameleon” Brands 96
Table 4.11 TOP CHAMELEON BRANDS IN CHINA, 2008 96
4.1.7 Marketing and Advertising in China: Brand Equity 96
4.1.8 Marketing & Advertising: Emerging Local Brands 97
Table 4.12 CHINA’S MOST VALUABLE BRANDS, 2008/2009 98
4.1.9 Marketing & Advertising: Pricing Issues 98
Table 4.13 CONSUMERS WHO TRADE UP OR DOWN BY INCOME SEGMENTS, 2007 99
Table 4.14 CONSUMERS WHO TRADE UP OR DOWN BY CATEGORIES, 2007 99
4.1.10 Marketing & Advertising: Online Sales 99
Table 4.15 PER CAPITA ONLINE SHOPPING VALUE, 2003-2008 100
Table 4.16 SITES PREFERRED BY ONLINE SHOPPERS, 2008 100
Table 4.17 TOP 10 RETAIL ITEMS ON TAOBAO.COM, 2008 100
Table 4.18 TOP ONLINE SHOPPING TRANSACTION BY REGION, 2007 101
Table 4.19 TOP REASONS FOR NOT SHOPPING ONLINE, 2007 101
4.2 Consumer Profile 101
4.2.1 Consumer Profile: Broad Consumer Trends 101
4.2.2 The Chinese Consumer: Urban Profile 102
Table 4.20 URBAN HOUSEHOLD OWNERSHIP OF MAJOR DURABLE CONSUMER GOODS, 2001-2007 103
4.2.3 The Chinese Consumer: Rural Profile 103
Table 4.21 RURAL HOUSEHOLD OWNERSHIP OF MAJOR DURABLE CONSUMER GOODS, 2001-2007 104
4.3 Key Sales Periods 104
4.3.1 Key Sales Periods: Overview 104
Table 4.22 ANNUAL NATIONAL HOLIDAYS 104
Table 4.23 MAJOR HOLIDAY RETAIL SALES, 2005-2009 105

5 COMPANY PROFILES 106
5.1 Aeon Stores (Hong Kong) Co., Ltd. 106
5.1.1 Aeon Stores (HK): Company Details 106
5.1.2 Aeon Stores (HK): Company Background 106
Table 5.1 AEON CO., LTD.: MAJOR COMPANIES IN CHINA, JUNE 2009 106
Table 5.2 AEON STORES (HONG KONG) CO., LTD.: STORES IN GUANGDONG & HONG KONG, 2004-2008 107
Table 5.3 AEON STORES (HONG KONG) CO., LTD.: BREAKDOWN OF STORES IN GUANGDONG, OCTOBER 2009 107
Table 5.4 QINGDAO AEON DONGTAI CO., LTD.: STORES IN QINGDAO, END-2008 107
Table 5.5 AEON CO., LTD.: STORES OPENED, 2007-2009 108
Table 5.6 AEON STORES (HONG KONG) CO., LTD.: TURNOVER BREAKDOWN, 2005-06 109
5.1.3 Aeon Stores (HK): Company Financials 109
Table 5.7 AEON STORES (HONG KONG) CO., LTD.: REVENUE BREAKDOWN, 2005-08 & 1H2008-1H2009* 109
Table 5.8 AEON STORES (HONG KONG) CO., LTD.: GEOGRAPHICAL SEGMENT INFORMATION BY LOCATION OF ASSETS, 2005-2008 & 1H2008-1H2009* 110
Table 5.9 AEON STORES (HONG KONG) CO., LTD.: FINANCIAL RESULTS, 2005-08* 111
Table 5.10 AEON STORES (HONG KONG) CO., LTD.: FINANCIAL RESULTS, 1H2008-1H2009* 111
5.2 Beijing Wangfujing Department Store (Group) Co., Ltd. 112
5.2.1 Beijing Wangfujing Department Store: Company Details 112
5.2.2 Beijing Wangfujing Department Store: Company Background 112
Table 5.11 BEIJING WANGFUJING DEPARTMENT STORE (GROUP) CO., LTD.: STORE BREAKDOWN BY REGION, 2008-OCT 2009 113
Table 5.12 BEIJING WANGFUJING DEPARTMENT STORE (GROUP) CO., LTD.: MAIN OPERATING REVENUE BREAKDOWN BY REGION, 2006-2008 113
Table 5.13 BEIJING WANGFUJING DEPARTMENT STORE (GROUP) CO., LTD.: MAIN OPERATING REVENUE BREAKDOWN BY REGION, 1H2008-1H2009 114
5.2.3 Beijing Wangfujing Department Store: Company Financials 114
Table 5.14 BEIJING WANGFUJING DEPARTMENT STORE (GROUP) CO., LTD.: MAIN OPERATING REVENUE BREAKDOWN, 2004-2008 & 1H2008-1H2009 115
Table 5.15 BEIJING WANGFUJING DEPARTMENT STORE (GROUP) CO., LTD.: FINANCIAL RESULTS, 2004-2006* 115
Table 5.16 BEIJING WANGFUJING DEPARTMENT STORE (GROUP) CO., LTD.: FINANCIAL RESULTS, 2006-2008* 116
Table 5.17 BEIJING WANGFUJING DEPARTMENT STORE (GROUP) CO., LTD.: AS A PERCENTAGE OF TOTAL REVENUE, 2006-2008* 116
Table 5.18 BEIJING WANGFUJING DEPARTMENT STORE (GROUP) CO., LTD.: FINANCIAL RESULTS, 1H2008-1H2009* 117
5.3 Far Eastern Department Stores Ltd. 117
5.3.1 Far Eastern Department Stores: Company Details 117
5.3.2 Far Eastern Department Stores: Company Background 117
Table 5.19 FAR EASTERN DEPARTMENT STORES LTD.: STORE BREAKDOWN BY CITIES IN CHINA, OCTOBER 2009 118
5.3.3 Far Eastern Department Stores: Company Financials 118
Table 5.20 FAR EASTERN DEPARTMENT STORES LTD.: FINANCIAL RESULTS, 2004-08* 118
Table 5.21 FAR EASTERN DEPARTMENT STORES LTD.: TOTAL REVENUE & SEGMENT RESULT BREAKDOWN BY REGION, 2004-08* 119
Table 5.22 FAR EASTERN DEVELOPMENT STORES LTD.: FINANCIAL RESULTS, 1H2008-1H2009* 119
5.4 Golden Eagle Retail Group Ltd. 120
5.4.1 Golden Eagle Retail Group: Company Details 120
5.4.2 Golden Eagle Retail Group: Company Background 120
Table 5.23 GOLDEN EAGLE RETAIL GROUP LTD.: BREAKDOWN OF OUTLETS BY REGION, 2004-AUGUST 2009 120
Table 5.24 GOLDEN EAGLE RETAIL GROUP LTD.: BREAKDOWN OF OUTLETS BY GROSS FLOOR AREA, AUGUST 2009 121
Table 5.25 GOLDEN EAGLE RETAIL GROUP LTD.: GROSS SALES PROCEEDS BY MERCHANDISE CATEGORY, 2003-2004 & 2008-1H2009 121
Table 5.26 GOLDEN EAGLE RETAIL GROUP LTD.: VIP MEMBERS, 2004-2008 122
5.4.3 Golden Eagle Retail Group: Company Financials 122
Table 5.27 GOLDEN EAGLE RETAIL GROUP LTD.: REVENUE BREAKDOWN, 2004-2008* 122
Table 5.28 GOLDEN EAGLE RETAIL GROUP LTD.: FINANCIAL RESULTS, 2004-2008* 123
Table 5.29 GOLDEN EAGLE RETAIL GROUP LTD.: AS A % OF REVENUE, 2004-2008* 123
Table 5.30 GOLDEN EAGLE RETAIL GROUP LTD.: OTHER OPERATING INCOME, 2007-2008* 124
Table 5.31 GOLDEN EAGLE RETAIL GROUP LTD.: FINANCIAL RESULTS, 1H2008-1H2009* 124
Table 5.32 GOLDEN EAGLE RETAIL GROUP LTD.: REVENUE BREAKDOWN, 1H2008-1H2009* 125
Table 5.33 GOLDEN EAGLE RETAIL GROUP LTD.: OTHER OPERATING INCOME, 1H2008-1H2009* 125
5.5 Guangzhou Grandbuy Co., Ltd. 126
5.5.1 Guangzhou Grandbuy: Company Details 126
5.5.2 Guangzhou Grandbuy: Company Background 126
Table 5.34 GUANGZHOU GRANDBUY CO., LTD.: BREAKDOWN OF MAIN OPERATING REVENUE BY REGION, 2004-2008* 126
Table 5.35 GUANGZHOU GRANDBUY CO., LTD.: OUTLETS AS OF 30 JUNE 2007 127
Table 5.36 GUANGZHOU GRANDBUY CO., LTD.: XINDAXIN STORES 128
5.5.3 Guangzhou Grandbuy: Company Financials 128
Table 5.37 GUANGZHOU GRANDBUY CO., LTD.: REVENUE BREAKDOWN, 2004-2008* 128
Table 5.38 GUANGZHOU GRANDBUY CO., LTD.: FINANCIAL RESULTS, 2004-2008* 129
Table 5.39 GUANGZHOU GRANDBUY CO., LTD.: AS A PERCENTAGE OF TOTAL REVENUE, 2004-2008* 129
Table 5.40 GUANGZHOU GRANDBUY CO., LTD.: FINANCIAL RESULTS, 1H2008-1H2009* 130
5.6 Intime Department Store (Group) Co., Ltd. 130
5.6.1 Intime Department Store: Company Details 130
5.6.2 Intime Department Store: Background 130
Table 5.41 INTIME DEPARTMENT STORE (GROUP) CO., LTD.: BREAKDOWN OF OUTLETS BY REGION, 2006-1H 2009 131
5.6.3 Intime Department Store: Company Financials 132
Table 5.42 INTIME DEPARTMENT STORE (GROUP) CO., LTD.: REVENUE BREAKDOWN, 2004-2008* 132
Table 5.43 INTIME DEPARTMENT STORE (GROUP) CO., LTD.: FINANCIAL RESULTS, 2004-2008* 133
Table 5.44 INTIME DEPARTMENT STORE (GROUP) CO., LTD.: AS A PERCENTAGE OF REVENUE, 2004-2008* 134
Table 5.45 INTIME DEPARTMENT STORE (GROUP) CO., LTD.: OTHER INCOME & GAINS, 2004-2008* 134
Table 5.46 INTIME DEPARTMENT STORE (GROUP) CO., LTD.: FINANCIAL RESULTS, 1H2008-1H2009* 135
Table 5.47 INTIME DEPARTMENT STORE (GROUP) CO., LTD.: REVENUE BREAKDOWN, 1H2008-1H2009* 135
Table 5.48 INTIME DEPARTMENT STORE (GROUP) CO., LTD.: OTHER INCOME & GAINS, 1H2008-1H2009* 136
5.7 Maoye International Holdings Ltd. 136
5.7.1 Maoye International Holdings: Company Details 136
5.7.2 Maoye International Holdings: Company Background 136
Table 5.49 MAOYE INTERNATIONAL HOLDINGS LTD.: OUTLET BREAKDOWN BY REGION, 2006-2008 137
Table 5.50 MAOYE INTERNATIONAL HOLDINGS LTD.: OUTLET BREAKDOWN BY OPERATING FLOOR AREA, 2008 137
Table 5.51 MAOYE INTERNATIONAL HOLDINGS LTD.: TOTAL GROSS SALES PROCEEDS BY MERCHANDISE CATEGORY, 2005-2007 138
Table 5.52 MAOYE INTERNATIONAL HOLDINGS LTD.: INVESTMENTS IN LISTED SHARES, AS OF 30 JUNE 2009 138
Table 5.53 MAOYE INTERNATIONAL HOLDINGS LTD.: SALES TO CUSTOMER LOYALTY CARDHOLDERS, 2005-2007 139
5.7.3 Maoye International Holdings: Company Financials 139
Table 5.54 MAOYE INTERNATIONAL HOLDINGS LTD.: TOTAL SALES PROCEEDS & REVENUE BREAKDOWN, 2005-2008* 140
Table 5.55 MAOYE INTERNATIONAL HOLDINGS LTD.: TOTAL SALES PROCEEDS & CONCESSIONAIRE SALES COMMISSIONS BY OUTLET TYPE, 2005-2007* 140
Table 5.56 MAOYE INTERNATIONAL HOLDINGS LTD.: FINANCIAL RESULTS, 2005-2008* 141
Table 5.57 MAOYE INTERNATIONAL HOLDINGS LTD.: AS A % OF REVENUE, 2005-2008* 141
Table 5.58 MAOYE INTERNATIONAL HOLDINGS LTD.: OTHER INCOME, 2005-2008* 142
Table 5.59 MAOYE INTERNATIONAL HOLDINGS LTD.: FINANCIAL RESULTS, 1H2008-1H2009* 142
Table 5.60 MAOYE INTERNATIONAL HOLDINGS LTD.: TOTAL SALES PROCEEDS & REVENUE BREAKDOWN, 1H2008-1H2009* 143
Table 5.61 MAOYE INTERNATIONAL HOLDINGS LTD.: OTHER INCOME, 1H2008-1H2009* 143
5.8 New World Department Store China Ltd. 144
5.8.1 New World Department Store China: Company Details 144
5.8.2 New World Department Store China: Company Background 144
Table 5.62 NEW WORLD DEPARTMENT STORE CHINA LTD.: GROSS FLOOR AREA & AVERAGE SIZE PER STORE, 2003/04-2008/09* 145
Table 5.63 NEW WORLD DEPARTMENT STORE CHINA LTD.: BREAKDOWN OF OUTLETS BY REGION, 2006/07-2008/09 145
Table 5.64 NEW WORLD DEPARTMENT STORE CHINA LTD.: REVENUE BREAKDOWN BY REGION, 2006/07-2008/09* 146
Table 5.65 NEW WORLD DEPARTMENT STORE CHINA LTD.: LATEST ACQUISITION, EXPANSION, NEW STORE OPENING 146
Table 5.66 NEW WORLD DEPARTMENT STORE CHINA LTD.: DETAILED INFORMATION OF EACH OUTLET, END 2007/08 147
Table 5.67 NEW WORLD DEPARTMENT STORE CHINA LTD.: GROSS SALES REVENUE BREAKDOWN BY PRODUCT CATEGORY, 2003/04-2008/09* 148
Table 5.68 NEW WORLD DEPARTMENT STORE CHINA LTD.: REBRANDING PROGRAM 149
5.8.3 New World Department Store China: Company Financials 149
Table 5.69 NEW WORLD DEPARTMENT STORE CHINA LTD.: REVENUE BREAKDOWN, 2003/04-2008/2009* 149
Table 5.70 NEW WORLD DEPARTMENT STORE CHINA LTD.: OTHER INCOME, 2003/04-2008/09* 150
Table 5.71 NEW WORLD DEPARTMENT STORE CHINA LTD.: FINANCIAL RESULTS, 2003/04-2008/2009* 150
Table 5.72 NEW WORLD DEPARTMENT STORE CHINA LTD.: AS A % OF REVENUE, 2003/04-2008/09* 151
5.9 Parkson Retail Group Ltd. 151
5.9.1 Parkson Retail Group: Company Details 151
5.9.2 Parkson Retail Group: Company Background 151
Table 5.73 PARKSON RETAIL GROUP LTD.: STORE BREAKDOWN, 2005-2008 152
Table 5.74 PARKSON RETAIL GROUP LTD.: STORE BREAKDOWN BY REGION, OCTOBER 2009 152
Table 5.75 PARKSON RETAIL GROUP LTD.: SALES PROCEEDS BY PRODUCT CATEGORY, 2004-2008 153
5.9.2 Parkson Retail Group: Company Financials 153
Table 5.76 PARKSON RETAIL GROUP LTD.: SALES PROCEEDS & REVENUE BREAKDOWN, 2004-2008* 154
Table 5.77 PARKSON RETAIL GROUP LTD.: FINANCIAL RESULTS, 2004-2008* 154
Table 5.78 PARKSON RETAIL GROUP LTD.: AS A % OF REVENUE, 2004-2008* 155
Table 5.79 PARKSON RETAIL GROUP LTD.: OTHER OPERATING REVENUES, 2004-2008* 155
Table 5.80 PARKSON RETAIL GROUP LTD.: FINANCIAL RESULTS, 1H2008-1H2009* 156
Table 5.81 PARKSON RETAIL GROUP LTD.: SALES PROCEEDS & REVENUE BREAKDOWN, 1H2008-1H2009* 156
Table 5.82 PARKSON RETAIL GROUP LTD.: OTHER OPERATING REVENUES, 1H2008-1H2009* 157
5.10 Seven & I Holdings Co., Ltd. 157
5.10.1 Seven & I Holdings: Company Details 157
5.10.2 Seven & I Holdings: China-based Operation 157
Table 5.83 SEVEN & I HOLDINGS CO., LTD.: PRINCIPAL SUPERSTORE/SUPERMARKET SUBSIDIARIES IN CHINA, END-DEC 2008 157
Table 5.84 CHENGDU ITO-YOKADO CO., LTD.: STORE INFORMATION, OCTOBER 2009 158
Table 5.85 HUA TANG YOKADO COMMERCIAL CO., LTD.: STORE INFORMATION, OCTOBER 2009 158
Table 5.86 SEVEN & I HOLDINGS CO., LTD.: NUMBER OF SUPERSTORE & DEPARTMENT STORE OUTLETS, 2005-2008 158
5.10.3 Seven & I Holdings: Company Financials 159
Table 5.87 SEVEN & I HOLDINGS CO., LTD.: FINANCIAL RESULTS OF PRINCIPAL SUPERSTORE/SUPERMARKET SUBSIDIARIES IN CHINA, 2004-2008* 159

6 CONTACTS 160
6.1 Trade Organisations 160
6.1.3 Shanghai Merchandise Commercial Profession Trade Association 160
6.1.4 China Commerce Association for General Merchandise 160
6.1.5 Guangdong Chain Operations Association 160
6.1.5 Nanjing Department Store Association 160
6.2 Government Departments 160
5.2.1 Ministry of Commerce (MOFCOM) 160
APPENDIX: MARKET BACKGROUND 161
A.1 Fast Facts 161
A.2 Regions of China 162
Map A.1 CHINA: PROVINCES AND MUNICIPALITIES 162
A.3 Demographics 163
A.3.1 Demographics: Total Population 163
Table A.1 TOTAL POPULATION, 2003–2009* 163
A.3.2 Demographics: Population by Location 164
Table A.2 POPULATION BY URBAN-RURAL DIVIDE, 2003–2009* 165
Table A.3 POPULATION % BREAKDOWN BY URBAN-RURAL DIVIDE, 2003–2009* 165
A.3.3 Demographics: Population by Province 165
Table A.4 POPULATION BY PROVINCE, 2003–2009* 166
A.3.4 Demographics: Population Density by Province 167
Table A.5 POPULATION DENSITY BY PROVINCE, 2005-2008 167
A.3.5 Demographics: Population Concentration 167
Map A.2 POPULATION CONCENTRATIONS BY PROVINCE, 2009* 168
A.3.6 Demographics: Population by Gender 168
Table A.6 TOTAL POPULATION BY GENDER & % BREAKDOWN, 2003–2009* 169
A.3.7 Demographics: Population by Age Group 169
Table A.7 POPULATION BY AGE GROUP, 2003–2009* 169
Table A.8 % BREAKDOWN OF POPULATION BY AGE GROUP, 2003–2009* 170
A.4 Consumer Attitudes 170
A.4.1 Consumer Attitudes: Overview 170
A.4.2 Consumer Attitudes: Response to Political Change 170
A.4.2 Consumer Attitudes: Response to Economic Change 171
A.4.3 Consumer Attitudes: Changes in Lifestyle 172
Livelihood 172
Individual loans 172
Housing 172
Possessions 172
Travel 173
Entertainment 174
Health and Fitness 174
Purchasing Influences 175
Taboos 175
A.5 Consumer Wealth 176
A.5.1 Consumer Wealth: GDP and Cost of Living 176
China’s New Middle Class 176
Table A.9 MIDDLE AND UPPER INCOME HOUSEHOLDS IN CHINA, 1995/2000/2005/2010/2015 177
Table A.10 TOTAL CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS, 2005/2010/2015 177
Table A.11 CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS & % OF TOTAL HOUSEHOLDS, 1995/2000/2005/2010/2015 178
Confident Shoppers 179
Table A.12 GDP AND COST OF LIVING INDEX, 2003–2009* 180
A.5.2 Consumer Wealth: Provincial GDP 180
Table A.13 GDP BY PROVINCE, 2003–2009* 181
A.5.3 Consumer Wealth: GDP Growth by Province 182
Table A.14 GDP GROWTH BY PROVINCE, 2003–2009* 182
A.5.4 Consumer Wealth: GDP Per Capita by Province 182
Table A.15 PER CAPITA GDP BY PROVINCE, 2003–2009* 183
A.5.5 Consumer Wealth: Concentration of Wealth by Province 183
Map A.3 VALUE OF GDP PER CAPITA BY PROVINCE, 2009* 184
A.5.6 Consumer Wealth: The Major Cities 185
Table A.16 LEADING CITIES KEY ECONOMIC INDICATORS, 2008 185
A.6 Households 186
A.6.1 Households: Overview of Household Conditions 186
A.6.2 Households: Total Households by Size 186
Table A.17 NUMBER OF HOUSEHOLDS BY SIZE, 2003–2009* 187
A.6.3 Households: Total households by Urban/Rural Split 187
Table A.18 NUMBER AND SIZE OF HOUSEHOLDS BY LOCATION, 2003–2009* 187
A.6.4 Households: Income Earners Per Household 188
Table A.19 AVERAGE NUMBER OF INCOME EARNERS PER HOUSEHOLD, 2003–2009* 188
A.7 Employment 188
A.7.1 Employment: Number of Workers by Sector 188
Table A.20 NATIONAL EMPLOYMENT BY SECTOR, 2002–2008 188
A.7.2 Employment: Growth by Sector 189
Table A.21 GROWTH IN EMPLOYMENT BY SECTOR, 2002–2008 189
A.7.3 Employment: Number of Workers by Gender 189
Table A.22 TOTAL NATIONAL WORKFORCE BY GENDER, 2002–2008 189
A.7.3 Employment: Number of Workers by Habitation 190
Table A.23 NATIONAL WORKFORCE BY HABITATION, 2002–2008 190
A.7.4 Employment: Urban Unemployment 190
Table A.24 URBAN UNEMPLOYMENT RATES, 2002–2008 191
A.8 Consumer Income 191
A.8.1 Consumer Income: Average Incomes by Sector 191
Table A.25 AVERAGE INCOMES BY SECTOR, 2002–2008 191
A.8.2 Consumer Income: Growth by Sector 192
Table A.26 GROWTH IN AVERAGE INCOMES BY SECTOR, 2002–2008 192
A.8.3 Consumer Income: Average Incomes by Region 193
Table A.27 AVERAGE INCOMES BY REGION, 2002–2008 193
A.8.4 Consumer Income: Growth by Region 193
Table A.28 GROWTH IN AVERAGE INCOMES BY REGION, 2002–2008 194
A.9 Consumer Market 195
A.9.1 Consumer Market: Spending Trends 195
Table A.29 CONSUMER EXPENDITURE** BY BROAD SECTOR AT CURRENT PRICES, 2002–2009* 195
A.9.2 Consumer Market: Per Capita Consumer Expenditure 195
Table A.30 PER CAPITA CONSUMER EXPENDITURE** BY BROAD SECTOR AT CURRENT PRICES, 2002–2009* 195
A.9.3 Consumer Market: Retail Sales and Consumer Spending 196
Table A.31 RETAIL SALES AS A PROPORTION OF CONSUMER EXPENDITURE**, 2002–2009* 196
A.9.4 Consumer Market: Urban Income and Spending Compared 196
Table A.32 URBAN & RURAL AVERAGE ANNUAL INCOME/EXPENDITURE, 2002–2008 196
A.10 Exchange Rates 197
A.10.1 Exchange Rates: China 197
Table A.33 AVERAGE ANNUAL RENMINBI EXCHANGE RATES AGAINST A VARIETY OF CURRENCIES, 2001–2008 197
A.10.2 Exchange Rates: Hong Kong 197
Table A.34 AVERAGE ANNUAL HONG KONG DOLLAR EXCHANGE RATES AGAINST THE UNITED STATES DOLLAR AND RENMINBI, 2001–2008 197

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