Foreign retailers see sales jump

Carrefour and Wal-Mart, the world's two biggest retailers, saw robust sales growth in their China operations in 2004, according to figures from the Ministry of Commerce. France-based Carrefour, currently the biggest foreign retailer in China, posted sales of US$1.9bn in 2004, up 20.9%. In the same period Carrefour added another 19 stores to its China network, taking the total to 62 as restrictions on the location of new stores were lifted in accordance with China's WTO commitments. It plans to add 40 within five years. Wal-Mart sales grew 30.5% year-on-year to US$923m in 2004. Wal-Mart added 10 stores in 2004, for a total of 43. But domestic players dominated, with Shanghai Bailian accounting for 22.5% of retail sales nationwide.