Sun Art Retail Group said on Monday [29 February 2016] it will scale back on new store openings in China this year as it grapples with a challenging retail environment. It also expects a greater contribution to sales from e-commerce. Sun Art, the second-biggest hypermarket operator in China with 13.7 percent of the Chinese market after top player China Resources’ 15.2 percent, said the overall retail market will track slowing economic growth in the Chinese mainland in the absence of a market-moving change. “The operating environment remains difficult this year,” CEO Bruno Mercier told a results briefing…Full Article: The Global Times Feb 2016
- From 2015 to 2016, Sun Art Group’s e-commerce sales as a percent of total sales grew from 1% to 5%.
- In 2015, Sun Art Group opened 38 new hypermarkets, equating to 409 stores under its operation for that year. As a result of declining profits and increased e-commerce competition, Sun Art plans to lower its annual new store openings rate from 40-50 to 30-40.
- As of June 2015, Sun Art Retail Group had 388 hypermarkets in China.
- In April 2015, Sun Art Retail Group purchased, Fields China (www.fieldschina.com), an e-commerce grocery website.
- During the second quarter (April to June) of 2015, Sun Art Retail Group had a 6.9% share of Chinese supermarket sales while China Resources Vanguard had a 6.6% share.
- In January 2014, the company launched its e-commerce site FeiNiu (www.feiniu.com).
- In 2012, China’s hypermarket industry was led by Sun Art Retail Group, whose 273 hypermarkets held a 13.6% market share.
- In 2010, Sun Art Retail Group, a JV between Taiwan’s Ruentex Group and French retailer Groupe Auchan, overtook Walmart in the number of China-based hypermarkets.
- Founded in 1998 and headquartered in Hong Kong, Sun Art Retail (HKG:6808) opened its first hypermarket store in Shanghai.