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Private label fair draws record
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A record number of suppliers are participating in the 2013 Shanghai Private Label Fair as they seek to tap demand from retailers.
“The only way for traditional retailers to survive in this market is to diversify products,” said Wang Zhuangyi, secretary-general of the newly-formed Private Label Specialty Committee of the Shanghai Licensing Association.
“Private label has proven to be the only effective way of diversifying products that can create more profits for retailers,” he added.
Private label products carry the name of retailers, especially supermarkets and hypermarkets.
This year’s fair, which ends tomorrow, has lured 290 suppliers, up 30 percent from a year earlier. The number includes 50 suppliers from overseas, including the US, Germany, France and Italy.
A good private label can help retailers to reap more profit as well as enhance their own brand reputation. For suppliers, a private label can save marketing and distribution costs as well as bypass tedious procedures for selling brandless products at big retailers.
Brian Sharoff, president of the Private Label Manufacturers Association, said private labels have grown rapidly in China in recent years but retailers still face the problem of finding good suppliers.
Private label has a history of more than 20 years in developed markets.
In the West, private label products account for nearly a third of retailers’ total stock while they are still below 5 percent in most stores in China.
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