闪殿研报 转载《2019-2020中国百货零售业发展报告》

Based on operating data from 103 department-store-led retailers and nearly 300 sample stores plus macro data, the report finds that although store and sales growth slowed further in 2019, quality metrics such as sales per sqm, gross margin, net margin and ticket size improved.

Sample sales totaled RMB 765.3 billion (+2.8%): supermarket +4.0%, department stores +1.0%, malls +6.8%, outlets +9.8%, appliance specialists −1.5%, online retail +11.7%. Stores numbered 7,740 (+1.3%); GFA 63 million sqm (+4.7%), 45% owned; headcount 460,000 (−7.1%).

Among 100 firms with department-store data, sales were RMB 358.8 billion (+1.0%); 51% grew, 49% shrank. Same-store average growth was 0.3% (vs 2.0% in 2018). Three-expense totals fell 2.9%; expense ratio averaged 18.1% (−0.2 pt). Formal staff −3.8% on average (−7.8% aggregate); payroll −6%; department-store staff −8.7%.