kpi report for retail chain stores in china - fung group · kpi report for retail chain stores in...

Li & Fung Research Centre China Chain Store & Franchise Association Member of the Li & Fung Group

1

2011 Q1

LI & FUNG RESEARCH CENTRE

CHINA CHAIN STORE & FRANCHISE ASSOCIATION

KPI report for retail chain stores in China

Foreword

About the KPI report

The China Chain Store & Franchise Association and the Li & Fung Research Centre have collaborated and established

the Key Performance Index System (hereafter the “KPI system”) for retail chain operators in China since 2007 and

published reports on a quarterly basis. The system aims to collect key performance indices of different format retail

stores in China.

In 2009, the data collection system are further upgraded and revised, and more store samples have been added. The

revised KPI report covers over 100 retail stores in China of 5 major formats, including convenience stores, supermarkets,

hypermarkets, department stores and home electronics appliance chains, of which supermarkets and hypermarkets are

further divided into several categories by operating area for easier references. We hope this report can shed some light

on the key development trends of China's retail chain stores.

About the indicators

Data of the following is collected in the KPI system –

1. Monthly sales (月度銷售額) – Pre-tax monthly sales value

2. Total operating area (總營業面積) – Including self-operating area and leasing area

3. Leasing area (對外租賃面積) – Area leased to other operators

4. Total staff number (員工總數) – Total number of staff including dispatched employees hired by labor agents (勞務派遣人員)

5. Total number of contract staff (正式員工數) – Total number of staff hired directly by the retailers

6. Total operating cost (成本及費用總額)

7. Total salaries and wages (工資總額)

8. Total number of SKUs (單品總數)

9. Number of SKUs distributing directly through the distribution centre (統一配送單品數)

10. Average daily number of transactions (平均日交易數)

11. Inventory turnover days (庫存周轉天數)

12. Non-operating income (營業外收入) – Income derived from activities other than sales of goods


2

2011 Q1



Survey results by retail formats

Format Monthly sales (million yuan)

Average sales per m

2

(yuan/ m2/day)

Average sales per staff

(yuan/person/day)

Average customer spending

(yuan/visit)

Gross margin (%)

Convenience stores 0.32 104 1,398 14.89 19.57

Supermarkets (300-999 m2) 1.25 80 1,680 32.20 15.75

Supermarkets (1,000-1,999 m2) 6.23 141 2,514 56.53 14.45

Supermarkets (2,000-3,999 m2) 9.03 110 2,482 64.29 13.10

Supermarkets (4,000-5,999 m2) 10.13 72 1,712 54.41 13.47

Hypermarkets (6,000-9,999 m2) 16.67 74 2,010 74.73 13.01

Hypermarkets (10,000-14,999 m2) 22.51 71 2,269 75.37 13.39

Hypermarkets (over 15,000 m2) 30.82 56 1,781 99.13 12.17

Department stores 116.61 133 2,330 620.64 16.06

Home electronics appliance chains 20.56 120 4,782 1,776.09 n.a.

Format Cashier efficiency 1 (yuan/machine/day)

Cashier efficiency 2 (number of transaction/

machine /day)

% of damaged

goods

Inventory turnover (Days)

Average operating area per employee (m

2/employee)

Convenience stores 6,319 431 0.18 11 12.75

Supermarkets (300-999 m2) 14,104 421 0.15 14 21.04

Supermarkets (1,000-1,999 m2) 25,345 394 0.12 23 17.72

Supermarkets (2,000-3,999 m2) 20,666 280 0.21 28 22.54

Supermarkets (4,000-5,999 m2) 17,152 300 0.25 25 23.19

Hypermarkets (6,000-9,999 m2) 17,540 167 0.25 26 27.33

Hypermarkets (10,000-14,999 m2) 26,947 334 0.25 39 32.10

Hypermarkets (over 15,000 m2) 23,614 193 0.30 23 31.89

Department stores 65,122 204 n.a. n.a. 23.28

Home electronics appliance chains 89,694 64 n.a. n.a. 39.95


3

2011 Q1



I. Convenience stores Average operating area: 102 m

2

Average number of cash registers: 2 (i.e. 1 cash register for every 51 m2)

Monthly sales

00.050.1

0.150.2

0.250.3

0.350.4

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(millio

n y

uan)

Average sales per m2

0

20

40

60

80

100

120

Ap

r 1

0

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n 1

1

Fe

b

Ma

r

(yu

an

/ m2/d

ay)


0

500

1,000

1,500

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/p

ers

on/d

ay)


0

5

10

15

20

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/v

isit)

Cashier efficiency

0

500

1000

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1F

eb

Mar

(num

ber

of

transactio

n/

machin

e /day)

0

5000

10000

(yuan/m

achin

e/

day)

Eff iciency 2 (number of transaction/ machine /day)

Eff iciency 1 (yuan/machine/day)

Gross margin

18.218.418.618.8

1919.219.419.619.8

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(%)


4

2011 Q1



Jan 11 Feb 11 Mar 11 Average yoy %

1. Monthly sales (million yuan) 0.34 0.30 0.32 0.32 10.20%

2. Average sales per m2

(yuan/ m2/day) 106 106 100 104 18.00%

3. Average sales per staff

(yuan/person/day) 1,426 1,423 1,346 1,398 11.30%

4. Average customer spending

(yuan/visit) 15.43 15.48 13.75 14.89 4.60%

5. Cashier efficiency 1

(yuan/machine/day) 6,442 6,432 6,083 6,319 -36.00%


(number of transaction/ machine /day) 419 400 474 431 -36.00%

7. Gross margin (%) 19.65 19.65 19.4 19.57 3.90%

8） % of damaged goods: 0.18%

9） Inventory turnover days: 11 days

10） Average operating area per employee (員工配置): 12.75 m2/employee


5

2011 Q1



II. Supermarkets (divided into 4 groups according to operating area)

1. Supermarkets (300-999 m2)

Average operating area: 526 m2

Average number of cash registers: 3 (i.e. 1 for every 175 m2)

Monthly sales

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

Apr 10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(millio

n y

uan)


0

20

40

60

80

100

Apr 10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/ m

2/d

ay)


0

500

1,000

1,500

2,000

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/p

ers

on/d

ay)


0

10

20

30

40

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/v

isit)

Cashier efficiency

0200400600800

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1F

eb

Mar

(num

ber

of

transactio

n/

machin

e /day)

05,00010,00015,00020,000

(yuan/m

achin

e/

day)



Gross margin

1212.5

1313.5

1414.5

1515.5

1616.5

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(%)


6

2011 Q1






(yuan/ m2/day)

89 89 63 80 4.40%


(yuan/person/day)

1,864 1,867 1,309 1,680 7.30%


(yuan/visit)

36.32 34.98 25.29 32.20 0.00%


(yuan/machine/day)

15,648 15,674 10,989 14,104 4.70%


(number of transaction/

machine /day)

432 405 426 421 -9.10%

7. Gross margin (%) 15.91 15.47 15.86 15.75 6.00%





7

2011 Q1



2. Supermarkets (1,000-1,999 m2)

Average operating area: 1,435 m2

Average number of cash registers: 8 (i.e. 1 for every 179.4 m2)

Monthly sales

0123456789

10

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(millio

n y

uan)


0

50

100

150

200

250

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/ m

2/d

ay)


0

1,000

2,000

3,000

4,000

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/p

ers

on/d

ay)


01020304050607080

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/v

isit)

Cashier efficiency

0

200

400

600

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1F

eb

Mar

(num

ber

of

transactio

n/

machin

e /day)

010,00020,00030,00040,000

(yuan/m

achin

e/

day)



Gross margin

13

13.5

14

14.5

15

15.5

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(%)


8

2011 Q1



Jan 11 Feb 11 Mar 11 Average yoy %*

1. Monthly sales (million yuan) 8.62 5.02 5.04 6.23 n.a.


(yuan/ m2/day)

194 117 113 141 n.a.


(yuan/person/day)

3,447 2,076 2,017 2,514 n.a.


(yuan/visit)

72.53 50.52 46.53 56.53 n.a.


(yuan/machine/day)

34,759 20,937 20,339 25,345 n.a.



machine /day)

411 363 407 394 n.a.

7. Gross margin (%) 14.65 14.69 14.02 14.45 n.a.

* yoy % changes not provided due to major sampling adjustment.





9

2011 Q1





Average number of cash registers: 15 (i.e. 1 for every 183 m2)

Monthly sales

0

2

4

6

8

10

12

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(millio

n y

uan)

c


020

406080

100120

140160

Ap

r 1

0

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n 1

1

Fe

b

Ma

r

(yu

an

/ m

2/d

ay)


0500

1,0001,5002,0002,5003,0003,500

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/p

ers

on/d

ay)


0

20

40

60

80

100

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/v

isit)

Cashier efficiency

240

260

280

300

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1F

eb

Mar

(num

ber

of

transactio

n/

machin

e /day)

0

10,000

20,000

30,000

(yuan/m

achin

e/

day)



Gross margin

11.5

12

12.5

1313.5

14

14.5

15

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(%)


10

2011 Q1






(yuan/ m2/day)

107 136 88 110 13.70%


(yuan/person/day)

2,405 3,061 1,979 2,482 23.30%


(yuan/visit)

62.44 76.57 53.87 64.29 12.30%


(yuan/machine/day)

20,027 25,489 16,481 20,666 4.30%



machine /day)

283 292 263 280 -14.70%

7. Gross margin (%) 13.45 12.75 13.10 13.10 -9.20%





11

2011 Q1





Average number of cash registers: 20 (i.e: 1 for every 232.9 m2)

Monthly sales

0

2

4

6

8

10

12

14

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(millio

n y

uan)


0

20

40

60

80

100

Ap

r 1

0

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n 1

1

Fe

b

Ma

r

(yu

an

/ m

2/d

ay)


0

500

1,000

1,500

2,000

2,500

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/p

ers

on/d

ay)


0

10

20

3040

50

60

70

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/v

isit)

Cashier efficiency

0100200300400

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1F

eb

Mar

(num

ber

of

transactio

n/

machin

e /day)

0

10,000

20,000

30,000

(yuan/m

achin

e/

day)



Gross margin

12

12.5

13

13.5

14

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(%)


12

2011 Q1




1. Monthly sales (million yuan) 12.71 9.24 8.42 10.13 -25.60%


(yuan/ m2/day)

88 71 58 72 -26.80%


(yuan/person/day)

2,082 1,676 1,379 1,712 -18.70%


(yuan/visit)

64.11 53.24 45.88 54.41 -11.40%


(yuan/machine/day)

20,853 16,786 13,817 17,152 -9.80%



machine /day)

300 304 295 300 22.90%

7. Gross margin (%) 13.28 13.40 13.72 13.47 7.20%





13

2011 Q1



III. Hypermarkets (divided into 3 groups by operating areas)

1. Hypermarkets (6,000-9,999 m2)



Monthly sales

0

5

10

15

20

25

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(millio

n y

uan)


0

20

40

60

80

100

Ap

r 1

0

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n 1

1

Fe

b

Ma

r

(yu

an

/ m

2/d

ay)


0

500

1,000

1,500

2,000

2,500

3,000

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/p

ers

on/d

ay)


0

20

40

60

80

100

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/v

isit)

Cashier efficiency

140150160170180

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1F

eb

Mar

(num

ber

of

transactio

n/

machin

e /day)

0

10,000

20,000

30,000

(yuan/m

achin

e/

day)



Gross margin

1212.212.412.612.8

1313.213.413.6

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(%)


14

2011 Q1




1. Monthly sales (million yuan) 21.58 16.41 12.01 16.67 -1.90%


(yuan/m2/day)

91 77 53 74 -1.90%


(yuan/person/day)

2,495 2,101 1,435 2,010 1.70%


(yuan/visit)

85.48 77.50 61.21 74.73 -0.30%


(yuan/machine/day)

21,772 18,328 12,521 17,540 5.30%



machine /day)

176 163 161 167 8.40%

7. Gross margin (%) 12.5 13.06 13.46 13.01 -2.90%



10） Average operating area per employee (員工配置): 27.33m2/employee


15

2011 Q1



2. Hypermarkets (10,000-14,999 m2)



Monthly sales

0

5

10

15

20

25

30

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(millio

n y

uan)


0102030405060708090

Ap

r 1

0

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n 1

1

Fe

b

Ma

r

(yu

an

/ m2/d

ay)


0

500

1,000

1,500

2,000

2,500

3,000

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/p

ers

on/d

ay)


0

20

40

60

80

100

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/v

isit)

Cashier efficiency

0100200300400

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1F

eb

Mar

(num

ber

of

transactio

n/

machin

e /day)

010,00020,00030,00040,000

(yuan/m

achin

e/

day)



Gross margin

11

11.5

12

12.5

13

13.5

14

14.5

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(%)


16

2011 Q1






(yuan/ m2/day)

75 83 54 71 44.50%


(yuan/person/day)

2,406 2,658 1,744 2,269 33.10%


(yuan/visit)

85.24 78.42 62.43 75.37 17.50%


(yuan/machine/day)

28,573 31,560 20,709 26,947 49.80%



machine /day)

364 339 300 334 22.00%

7. Gross margin (%) 13.26 13.74 13.17 13.39 -8.10%





17

2011 Q1



3. Hypermarkets (over 15,000 m2)



Monthly sales

0

5

10

15

20

25

30

35

40

45

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(millio

n y

uan)


0

10

20

30

40

50

60

70

80

Ap

r 1

0

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n 1

1

Fe

b

Ma

r

(yu

an

/ m2/d

ay)


0

500

1,000

1,500

2,000

2,500

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/p

ers

on/d

ay)


0

20

40

60

80

100

120

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/v

isit)

Cashier efficiency

0

100

200

300

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1F

eb

Mar

(num

ber

of

transactio

n/

machin

e /day)

010,00020,00030,00040,000

(yuan/m

achin

e/

day)



Gross margin

9.5

10

10.5

11

11.5

12

12.5

13

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(%)


18

2011 Q1






(yuan/m2/day)

69 58 40 56 5.30%


(yuan/person/day)

2,208 1,864 1,269 1,781 16.30%


(yuan/visit)

110.6 103.86 82.94 99.13 -5.80%


(yuan/machine/day)

29,288 24,721 16,833 23,614 4.50%



machine /day)

212 191 175 193 -4.20%

7. Gross margin (%) 11.71 12.13 12.68 12.17 -1.20%





19

2011 Q1



IV. Department stores Average operating area: 29,329 m

2


Monthly sales

0

20

40

60

80

100

120

140

160

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(millio

n y

uan)


020406080

100120140160180

Ap

r 1

0

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n 1

1

Fe

b

Ma

r

(yu

an

/ m2/d

ay)


0

500

1,000

1,500

2,000

2,500

3,000

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/p

ers

on/d

ay)


0

100

200

300

400

500

600

700

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/v

isit)

Cashier efficiency

0

50

100150

200

250

300

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(num

ber

of

transactio

n/ m

achin

e

/day)

0

20,000

40,000

60,000

80,000

100,000

(yuan/m

achin

e/d

ay)



Gross margin

13

14

15

16

17

18

19

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(%)


20

2011 Q1






(yuan/ m2/day)

160 132 106 133 6.00%


(yuan/person/day)

2,806 2,325 1,858 2,330 -7.90%


(yuan/visit)

632.9 618.43 610.58 620.64 5.50%


(yuan/machine/day)

78,438 64,992 51,936 65,122 -15.00%



machine /day)

248 221 144 204 30.90%

7. Gross margin (%) 15.48 16.46 16.24 16.06 15.48

8） % of damaged goods: n.a.

9） Inventory turnover days: n.a.



21

2011 Q1



V. Home electronics appliance chains Average operating area: 5,593 m

2

Average number of cash registers: 5 (i.e. 1 for every 1,118.6 m2)

Monthly sales

0

5

1015

20

25

3035

40

45

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(millio

n y

uan)


0

50

100

150

200

Ap

r 1

0

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n 1

1

Fe

b

Ma

r

(yu

an

/ m

2/d

ay)


0

2,000

4,000

6,000

8,000

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/p

ers

on/d

ay)


0

500

1,000

1,500

2,000

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1

Feb

Mar

(yuan/v

isit)

Cashier efficiency

0

50

100

150

Apr

10

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 1

1F

eb

Mar

(num

ber

of

transactio

n/

machin

e /day)

050,000100,000150,000200,000

(yuan/m

achin

e/

day)




22

2011 Q1



Jan 11 Feb 11 Mar 11 Average qoq %



(yuan/m2/day)

151 88 120 120 8.00%


(yuan/person/day)

6,020 3,527 4,798 4,782 28.40%


(yuan/visit)

1,761.73 1,674.81 1,891.72 1,776.09 -1.70%


(yuan/machine/day)

112,927 66,154 90,001 89,694 -31.80%



machine /day)

80 55 68 64 -45.60%

7） % of damaged goods: n.a.

8） Inventory turnover days: n.a.



23

2011 Q1



About the Organizations

The China Chain Store & Franchise Association

中國連鎖經營協會中國連鎖經營協會中國連鎖經營協會中國連鎖經營協會

Founded in 1997, the China Chain Store & Franchise Association (CCFA) is an official representative of the retailing and

franchise industry in China. Currently, there are 900 enterprise members with 160,000 outlets, including domestic &

overseas retailers, franchisers, suppliers, and relevant organizations. The total sales of China’s “Top 100 retail chain

operators”, which are part of the members of the CCFA, exceeded RMB 1.36 trillion in 2009, with more than 137,000

stores in total.

CCFA participates in policymaking and coordination, safeguards the interests of industry and members, provides a

series of professional trainings and industry information and data for its members and establishes platforms for

exchange and cooperation.

Li & Fung Group

利豐集團利豐集團利豐集團利豐集團

The Li & Fung Group is a Hong Kong-based multinational company with three distinct core businesses: export sourcing,

distribution and logistics, and retailing. Founded in Guangzhou in 1906, the Li & Fung Group achieved an annual

turnover of over US$16 billion in 2009. Today, the Li & Fung Group operates in some 40 countries and regions and

employs over 35,000 people worldwide. One of its core competencies is “Supply Chain Management” (SCM).

Li & Fung Research Centre

利豐研究中心利豐研究中心利豐研究中心利豐研究中心

Li & Fung Research Centre is the research institute of the Li & Fung Group. It serves as a knowledge bank on China's

economy, industries, logistics and distribution sector, with its research scope covering the whole spectrum of the entire

supply chain, from ideas, production, distribution, retailing to consumers. It also offers research analyses and consulting

services to colleagues and clients to assist them in their day-to-day decision-making.

© Copyright 2011 Li & Fung Research Centre and the China Chain Store & Franchise Association (CCFA). All rights reserved.

Though Li & Fung Research Centre and CCFA endeavor to have information presented in this document as accurate and updated as possible, it accepts no responsibility for any error, omission or misrepresentation. Li & Fung Research Centre, CCFA and/or their associates accept no responsibility for any direct, indirect or consequential loss that may arise from the use of information contained in this document. Reproduction or redistribution of this material without Li & Fung Research Centre and CCFA’s prior written consent is prohibited.

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