Foreign Retailers Finding China A Hard Market To Crack, Report Shows

Foreign supermarket and hypermarket chains are struggling to cope with rapid changes in China's retail market, according to industry analysts. Still dealing with the effects of food safety scandals, Walmart said it plans to stop sales declines by increasing the number of its stores by more than 25 percent, upgrading existing stores, and launching a new online shopping app. Tesco's real estate venture failed, prompting the UK retailer to enter into a joint venture with local retail giant China Resources Enterprise. Local retailers also experienced negative growth since 2010, according to consulting firm OC&C, with competition from online retailers often cited as one of the biggest threats to brick-and-mortar operators.