At the enormous Pacific Department Store on Shanghai’s Huaihai Road, barriers block the street entrances and windows are shuttered. The store, which was one of the largest on one of the city’s busiest shopping streets for nearly two decades, closed in January. The shell of the store now sits incongruously opposite the K11 mall, which has been thriving ever since implementing a smart re-think of the shopping mall concept a couple of years ago. The lesson of the different fates of these two shopping centers is clear—adapt or die. Retail is not declining in China, it’s just changing.
With the rise of e-commerce and more discerning consumers, the recent growth of malls in China risks becoming redundant.
As we buy online, little do we realize how online buying platforms such as e-commerce websites influence our purchase decision making process. Each time you buy something online, you don’t realize that your choice is not yours alone. Throughout the buying process your decision is influenced—both at a conscious and subconscious level—by an online procurement […]
Most people agree that China is losing its labor cost edge. So what will be the country’s next competitive advantage? In a surprising announcement in May 2011, luxury handbag manufacturer Coach said that it would transfer at least half of its production facilities from China to countries like India, Vietnam and the Philippines where the […]