China's top 100 retail chains posted the slowest sales growth in a decade last year as they were cautious in opening new stores amid the fallout from the global financial crisis, the China Chain Store & Franchise Association (CCFA) said yesterday in a report.
Sales value at the top chains, including Suning, Bailian and Carrefour, rose 13.5 percent from a year ago to 1.36 trillion yuan (US$200 billion) in 2009, accounting for 11 percent of the country's total retail sales, CCFA said.
It is the smallest growth since the CCFA started to compile the report in 1999 and the first time top chains developed slower than the growth in China's total retail sales of consumer goods, which rose 15.5 percent in 2009.
"It is a natural trend for Chinese companies to slow their expansion speed due to the limitation on management capability and location choices," the report said.
CCFA forecast sales at the top chains to increase at a faster 18 percent this year. Major retailers are seen to seek merger and acquisition opportunities more actively as a way to boost sales, according to CCFA.
Suning Appliance Co topped the chain store list for the first time, overtaking Gome Electrical Appliances with sales of 117 billion yuan. Carrefour was the highest foreign chain at No. 7 with sales of 36.6 billion yuan.
