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Private labels key for retailers to survive
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RETAILERS need to have their own private label to survive amid stiff competition, experts said ahead of the opening of the 2015 Shanghai Private Label Fair tomorrow.
“Six years ago when the first fair was held, private label was a choice for smart retailers to differentiate from others,” said Yao Zheng, secretary-general of Private Label Special Committee of Shanghai Licensing Association. “But today, traditional retailers have to create their own private label to compete with online shops, while some e-commerce retailers also use private label to be price competitive.”
Private label products refer to brands that carry the name of retailers, especially supermarkets and hypermarkets. As the middlemen are eliminated, prices of private label products are very competitive.
Foreign retailers like Wal-Mart, Carrefour and Tesco have their own private labels, and in some cases, the private labels account for up to 30 percent of the entire stock. Domestic counterparts like Lianhua supermarkets started to use private label a decade ago but only lifted its proportion to around 5 percent in recent years.
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