China eschews UK retail market for domestic shoppers
U.K. retailers are facing a mixed market. While the Queen's Diamond Jubilee has helped boost revenues, a double-dip recession has made retail merchandising a tough task.
Regardless, foreign companies and outlets continue to seek a foothold in the national market. Yet China, one of the fastest growing economic powers in the world, has failed to make its way into the U.K. retail scene.
A recent article by Retail Week suggests the lack of Chinese companies could be due to a number of factors, including a rather inexperienced retail sector in the country as well as an already huge domestic marketplace. Furthermore, the article notes that when Chinese retailers feel prepared to go international, they may not even choose the U.K.
"There's often a perception that to make it big Asian companies have to have a presence in Europe and North America," Rob Gregory, Planet Retail global research director, told the website. "But 10 to 20 years down the line there’s no doubt the more mature markets are going to be relatively low growth. That’s why everyone’s moving to Asia."
This year, events such as the 2012 London Olympics and Queen Elizabeth II's Diamond Jubilee, which celebrates her 60th year on the throne, hope to spur tourism and fill retailers' registers.
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