BIZCHINA / Biz Life
Retail therapy
(China Daily)
Updated: 2006-09-11 10:24
Shopping in hypermarkets, Eric Wu often keeps an eye out for store
managers' photos hanging on the wall. If he is impressed by the
performance of the sales people, he may even jot down the name of the
manager.
Wu, a consultant at Career International, one of the nation's largest
headhunters, specializes in the retail sector and last year, he and his
team poached more than 30 senior executives for retailers.
"Retail people are 'hot' these days, as almost every retailer has an
expansion plan," says Wu.
The demand for retail talents will only intensify as the government
orchestrates the amalgamation of domestic retail enterprises in major
cities to form giant groups that can face up to the might of such foreign
behemoths as Carrefour and Wal-Mart.
This programme, first mooted in 2004, has begun to take shape, first in
Shanghai and more recently in Beijing. The success of such mega-mergers
will have a far-reaching impact not only on the retail landscape of the
country but also on all the businesses along the huge supply chain.
After decades of rapid economic growth, China is starting to show the
potential of an enormous consumer market. Retail sales are expected to
expand by 13 per cent to 7.5 trillion yuan (US$937.5 billion) this year,
making the nation the world's seventh-largest retail market.
The Ministry of Commerce says the figure will balloon to 10 trillion yuan
(US$1.25 trillion) by 2010 at an annual growth of more than 11 per cent.
The rosy prospects have already lured a slew of the world's top retailers
into the market, including France's Carrefour SA and US-based Wal-Mart
Stores Inc, which have spent years preparing for the boom.
Last year was undoubtedly the starting point of their rapid expansion, as
China lifted most restrictions on foreign retailers at the end of 2004,
including limits on the number of stores, location and the ownership
ceiling, thanks to its commitments to the World Trade Organization.
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