Shanghai posts feverish retail sales
Print Edition
A sales fever on the last day of 2013 and New Year’s Day fired up Shanghai’s retail consumption almost 10 percent from a year earlier as bargain hunters took advantage of discounts offered by retailers.
Retail sales rose 9.8 percent year on year to 4.35 billion yuan (US$712 million) in Shanghai on Tuesday and Wednesday, said a survey by the Shanghai Commission of Commerce of 395 retailers, including Bailian Group, Bright Food Group and Jin Jiang Group.
Shanghai consumers thronged downtown centers to buy greatly-discounted clothes, electrical goods, jewelry and other goods. Numerous bricks-and-mortar retailers attracted shoppers with heavy discounts as they fought back against booming online shopping sites, including Alibaba’s Taobao.com and Tmall.com.
Online retailers topped the sales spurt by posting an annual jump of 36.8 percent. Shanghai consumers spent 299 million yuan online during the two days.
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