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Outlet centers on the rise amid quest for modern lifestyle by 123wert sdfsf
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Outlet centers on the rise amid quest for modern lifestyle |
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Business,Business News,Business Opportunities
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According to media reports, more than 200 outlet centers haveopened in China over the past decade. To put this into context, the United States, where the concept ofoutlet stores has been around for decades, had 179 outlet centersby June 2010, according to U.S.-based Value Retail News. For many middle-class people in China, outlet centers have become agood place to buy quality products at a discount. I visit outlet centers several times a year to buy clothes forthe next season, said Liu Jing, a white-collar worker inShanghai.
The discounts offered might not be as big as overseas, but theyare better than at regular stores. Products sold at outlets will normally be up to 50 percent cheaper.Extra discounts might be given for purchases of more than one itemat certain stores. David Ng, executive deputy general manager of Shanghai WeleadInvestment Co. Ltd., subsidiary of Pearl River investment group andthe operator of MEGA MILLS Outlet center in the Qingpu district ofShanghai, said the key factors that attract shoppers to outletcenters are the guarantee of genuine products and a comfortableshopping experience.
Many people might feel embarrassed asking for price information atregular retailers. People who are keen to know about a new brandmight visit outlet stores as a starting point to learn about thebrand, said Ng. Consumers will feel more relaxed asking about prices atoutlets. Success stories in China's outlets sectors include Beijing-basedYansha Outlets Shopping center and Shanghai-based Bailian OutletsPlaza.
Yansha Outlets Shopping center reported sales revenue of 2.5billion yuan (US$396 million) in 2010, a more than eightfoldincrease from 300 million yuan in 2002. Yansha was the first outlet center to open in China in 2002. Thenew retail practice grew rapidly after Yansha made its debut,bringing hundreds of shops under one roof, usually outside a majorcity and near large expressway interchanges, rather than expensivecity center locations. Experts said the growing middle class is one factor contributing tothe success of outlet center operators. In addition, for brand owners, outlets are an effective way tosell out inventory, without damaging their brand image in regularstores.
In addition to global luxury brands, outlets are a good wayfor sportswear giants such as Nike and Li-Ning to clear heavyinventories, said Sherri He, a partner at consulting firm A.T.Kearney. For consumers, outlets offer luxury or famous brands at goodvalue for money, added He. Despite outlet centers having become one of the key sectors in theretail sector, the prospects for the development of outlet centersaround China are not universally rosy. At Lake Malaren Outlets in the Baoshan district of Shanghai, somestores have closed.
On working days, sales assistants oftenoutnumber customers. Comments on dianping.com, an independent online platform for peopleto comment on service providers, suggest Lake Malaren Outlets ishaving problems drawing in the crowds. In the cities outside Beijing and Shanghai, several outlet centershave closed in the past few years, including Kingcity OutletsShopping center in Qingdao, Shandong province. The development of outlet industry is faster than normal speed, said Ng from Welead. I am Lights & Lighting writer, reports some information about nail polish uv , cam tattoo supplies.
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