Commerce: brick-and-mortar retail sales will continue to pick up in 2018

According to the latest data from the department of development of the circulation industry of the ministry of commerce, the sales of 2,700 typical retail enterprises monitored by the ministry of commerce increased 4.6 percent year-on-year in 2017, with the growth rate accelerating 3 percent compared with the same period of last year. The operating profits and total profits of typical enterprises increased by 8% and 7.1% respectively, with the growth rate accelerating by 6.5% and 11% respectively compared with the same period last year.

Industry insiders pointed out that brick-and-mortar retail enterprises’ active innovation and transformation, the rapid development of new business forms and new business models, and the constant adjustment of commodity structure and business structure of traditional commercial venues are the main reasons for the apparent recovery of brick-and-mortar retail sales.

“Last year, the ministry of commerce, together with relevant departments, continued to optimize the development environment of the retail industry,” gao said.

He also predicted that this year in the macroeconomic situation continues to improve, the pace of modern information technology applications, and other factors under the influence of continuous upgrading of the innovation and transformation of retail enterprises, physical retail recovery will continue to strengthen the trend.

He stressed that this year the ministry of commerce will revolve around innovation circulation and promote consumption two tasks, in accordance with the requirements for high quality development, speed up the implementation of consumer upgrades, special action to develop the quality retail, wisdom, cross-border retail, green, and strive to improve the quality and efficiency of supply, the good life is to constantly meet people’s increasing needs.

Developing new formats, building omni-channel, reconstructing supply chain and promoting channel sinking are the four highlights of brick-and-mortar retail innovation and transformation in 2017. Retail enterprises actively integrate the online and offline and the upstream and downstream, and promote the in-depth integration of multi-formats, cross-industries, aggregation and synergy.

Post time: Feb-20-2019