What: Fung Group releases its annual report on Chinese department stores.

Why it is important: While competition intensifies, focus remains on the store experience, quality and efficiency, and differenciation. In short, the market is maturing.

The China Department Stores Report 2023-2024 by Fung Business Intelligence and CCAGM outlines key industry trends and challenges, including a focus on recovery, digitalization, store upgrades, and sustainable development. It highlights increased competition, especially in cosmetics, and challenges like reduced consumer spending and the impact of e-commerce. The report suggests strategies like enhancing core business capabilities and creating value through experiential offerings. It also recommends government actions to support the industry's healthy development. Data from 80 department store operators were analyzed for this comprehensive industry overview.

Fung' China Department Store report 2023-2024