BEIJING WANGFUJING SET FOOT IN ONLINE SHOPPING

AsiaInfo Services
01-18-2011
Beijing Wangfujing Set Foot in Online Shopping

BEIJING, Jan 18, 2011 (SinoCast Daily Business Beat via COMTEX) -- Beijing Wangfujing Department Store (Group) Co., Ltd. (SHSE: 600859) will foray into the online shopping market in the form of parent company, revealed the board chairman of the leading department store operator.

Actually, some subsidiaries of Beijing Wangfujing have begun providing online shopping service three years ago. Their service covers major cities such as Beijing, Guangzhou and Changsha. In 2009, their sales revenues from the service reached CNY 43.26 million.

This time, Beijing Wangfujing will invest CNY 100 million to build a complete operational platform for online shopping service. Members of the company's brick-and-mortar stores will become potential customers for the service.

Data from iResearch Consulting Group show that the Chinese online shopping market reached CNY 250 billion in 2009, rising 93.7% from a year earlier. In 2010, online shopping accounted for one fourth of the gross value for online trading, which approached CNY 2 trillion.

Experts believe that the online shopping market will hike 30% to 40% a year in the period from 2011 to 2015 and finally amount to CNY 2 trillion at least. Besides Beijing Wangfujing, other traditional retailers like Intime Department Store (Group) Co., Ltd. (SEHK: 1833) have also set up their own online shops.

Source: www.bjd.com.cn (January 18, 2011)

KEYWORD: BEIJING INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
E-commerce
SinoCast China Business Daily news
online shopping
department store
retailer
brick-and-mortar store
Beijing

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