Retail News CRM

Tag: China

  • China’s e-Shand Redwood sells logistics assets to Invesco

    China’s e-Shand Redwood sells logistics assets to Invesco

    e-Shang Redwood (ESR), a pan-Asia logistics real estate developer, owner and operator, has formed a joint venture with Invesco Real Estate to acquire and manage core logistics assets in China, marking the first collaboration of its kind for both parties in the region.

    The portfolio consists of class A stabilized logistics real estate assets in China, valued in excess of RMB 2 billion (US$300 million). Invesco acquired a majority stake in the portfolio from ESR. ESR will retain an equity interest and act as the project and property manager of the assets to drive future value for Invesco in partnership with Invesco’s asset management team.

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  • Jung Wook-jun switches gender focus

    Jung Wook-jun switches gender focus

    On the 10th anniversary of his avant-garde fashion label Juun.J, South Korean designer Jung Wook-jun has ventured into rare territory for him: womenswear.

    His latest collection starred in the Hong Kong Trade Development Council’s Centrestage event last week, and much like his menswear it featured oversized silhouettes, excessive layering and street-style tailoring.

    Jung, 50, says the switch to womenswear coinciding with the anniversary follows his usual pattern of change and renewal. He says women have been wearing his clothes for a long time, and people around him have been asking him to make womenswear for years.

    He says his aesthetic has gradually shifted over the years from menswear with feminine elements to increasingly gender-neutral clothes. Now he is reversing the dynamic by giving womenswear a more masculine edge.

    Jung is working with Hong Kong fashion boutique Joyce again this month on a menswear-focused pop-up store inside Lane Crawford IFC as well as online. Titled “No Man is an Island”, it features collections from similar avant-garde designers Raf SImons, Rick Owens and Yohji Yamamoto.

  • China leads growth for Prada Asia

    China leads growth for Prada Asia

    Greater China was the outstanding market for Prada Asia for its half-year, while sales fell in Japan.

    Overall, the group had lower sales with conflicting trends, some markets recovering and others contracting.

    Growth for Asia Pacific edged up 0.4 per cent. While sales grew for clothing and leather good, footwear sales fell.

    Net sales in Greater China reached €301.9 million (US$362.5 million), up by 4.5 per cent, whereas other countries in the region had declines. Sales in Japan fell by 14.2 per cent, hit by a decline in both local demand and in tourist spending.

    Global net revenues for the period were €1.4 billion, down by 5.5 per cent. EBIT for the half-year was €166.8 million, or 11.4 per cent of net revenues, down from €213.7 million (13.8 per cent) for the same period last year.

    Miu Miu shines

    Clothing sales rose by 4.3 per cent overall, with the Miu Miu brand recording double-digit sales growth. Leather goods sales fell by 7.4 per cent, with a lesser decline for the Prada brand. Footwear sales were down by 9.7 per cent.

    Net sales of the Prada brand fell by 4.6 per cent, with the Asia Pacific region reporting sales in line with those of the same period of last year, while the other regions had lower sales.

    Miu Miu net sales fell by 9.9 per cent, affected by the closure of eight stores during the period.
    Net sales of the Church’s brand fell by 15 per cent, mainly as a result of the distribution channel being restructured.

    For the group’s other brands, the sales of Marchesi 1824 patisserie goods grew thanks to expansion, while the Car Shoe brand had a decline.

    Prada’s gross margin for the six months was €1 billion, or 74.1 per cent of net sales, up by 190 points. Half-year EBITDA was €279.6 million, corresponding to 19.1 per cent of net revenues, a dilution of 210 points.

    Thirteen stores were closed down during the six months (four Prada, eight Miu Miu and one Church’s), plus six stores were opened (two Prada, two Miu Miu and two Church’s).
    Sales in the wholesale channel grew by 5.1 per cent.

    Prada says its plan to bring Miu Miu stores into line with the brand’s new look progressed, and special projects were completed for Prada stores such as new layouts and extension of the “resort” concept to seaside stores.

    The group also introduced an e-commerce plan for all its brands, including an omnichannel growth strategy focusing on gradual expansion of the online sales channel in terms of merchandising and territorial coverage, plus new versions of the websites.

    Digital initiatives also involved advertising and communications, with the creation of special content and the acquisition of online space and media tools intended to create synergy among the three distribution channels.

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  • Alibaba and Mexico forge digital deal

    Alibaba and Mexico forge digital deal

    Alibaba and Mexico have signed a deal to promote the nation’s products online and help tap into the Chinese economy though e-commerce.

    In a ceremony at Alibaba Group’s headquarters, Alibaba Group’s executive chairman Jack Ma and Mexico’s President Enrique Peña Nieto witnessed the signing of a Memorandum of Understanding (MoU). Alibaba Group president Mike Evans and Undersecretary of Industry and Commerce of the Ministry of Economy of Mexico José Rogelio Garza were the signatories of the MoU.

    Under the agreement, Alibaba will work closely with the Ministry of Economy of Mexico to help Mexican SMEs to expand into international markets, in particular China, starting with a tailored program for them to benefit from the company’s B2B trading platform, Alibaba.com. Alibaba, together with its ecosystem partners, will also share expertise in logistics and payment platforms in order to enhance the cross-border e-commerce capabilities of Mexican SMEs and to attract Chinese tourists to Mexico.

    Alibaba will also share with Mexican SMEs international best practices related to digital transformation and e-commerce trends. Specialised training will focus on key areas including e-commerce, digital payments, logistics and analytics that drive consumer insight, product innovation and rural development in China. This is an effort to create a more inclusive world by helping SMEs and entrepreneurs to better reap the benefits of globalisation by leveraging e-commerce and learning from Alibaba’s experience in China.

    “Alibaba is one of the world´s largest technology companies with a sophisticated e-commerce ecosystem and a remarkable reach of more than 500 million active annual consumers globally,” said President Peña Nieto. “By partnering with Alibaba, we can expand Mexico’s export options in China and in Asia more broadly, while enhancing Mexican SMEs’ knowledge of e-commerce and cross-border trade.”

    “Alibaba is committed to inspiring, motivating and enabling SMEs from around the world to grow and thrive through e-commerce and the use of technology,” said Ma. “We are delighted to help promote cross-border trade with Mexico through this MoU. We view our cooperation as a way to energise economic development in both countries.”

    Ma travelled to Mexico last May and met with Nieto to discuss how technology plays a critical role in economic development and competitiveness. Discussions regarding the signing of this MoU began during that visit. Alibaba says the deal demonstrates Alibaba’s interest in, and commitment to, facilitating the entry of Mexican SMEs into the large Chinese consumer market.

    China is Mexico’s third largest trading partner globally, with much room for growth. Today, well-known Mexican products, ranging from agricultural products to packaged food and tourism, are already being sold in Alibaba’s ecosystem.

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  • Platinum Group sees gold in Chinese tourism

    Platinum Group sees gold in Chinese tourism

    Mall company The Platinum Group is banking on Chinese tourism to support a retail shopping centre it plans to open next year.

    With a wholesale fashion mall in Bangkok that attracts about 15 million people annually, the group is investing about THB6 billion (US$180 million) in the project, says president Chanchai Phansopha.

    “We want to transform the company from an operator of a wholesale fashion mall into a commercial property developer,” he says. The Bangkok project is part of a wider, THB11-billion investment plan that will also add hotel and office space over five years.

    Thailand last year had nearly 9 million Chinese visitors who spent an above-average $176 a head daily.

    Chanchai says he foresees double-digit growth in sales and profit, with the new mall, The Market, expected to boost revenue at least 30 per cent in 2019.

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  • Young men are driving skincare market in China

    Young men are driving skincare market in China

    The mainland Chinese male skincare and cosmetics market is expected to grow twice as fast as the global cosmetics market in the next two years, reaching CNY1.9 billion (US$300 million) in 2019, according to Euromonitor International.

    A report by Jing Daily stated that young Chinese men who are between 18 and 26, and have increasingly more disposable income, are becoming the new driving force for the male beauty market.

    According to a study released in April 2017 by the Hong Kong Trade Development Council, young men are beginning to build skincare habits early compared to their elders.

    Chinese men as young as high school age are already using basic facial cleansing products and by the time they begin university their skincare routine becomes more complex, said Jing Daily.

    Many factors are driving young Chinese men’s consumption in the skincare market, according to the study, with some respondents concerned about their skin health.

    “The air pollution in China now is very serious,” said one Weibo user. “It greatly affects the skin quality.” Some said their skincare habits formed as a result of the influence of their girlfriend or wife.

    The study also suggests that the introduction of exclusive product lines for men means that they are more likely to cultivate skincare habits, with demand increasing for products such as BB creams, eyebrow pencils and concealer.

    As consumers develop diverse needs, more varieties of male skincare products are emerging. According to a 2016 Beauty report released by Amazon China, L’Oréal and Nivea ranked highest on its top 100 skincare products of 2016 list, with professional men’s skincare brands like Biotherm and Lab Series favoured by the male consumer.

    Jing Daily noted that mainland consumers tend to form different perceptions towards skincare and cosmetics brands in different countries or regions.

    For example, consumers generally believe that Swiss brands focus on medical beauty, American brands tend to make more advanced formulas and Japanese brands feature whitening effects, which are more suitable for Asian skin.

    The per capita consumption gap between male and female buyers has reduced from CNY26.6 (US$4) in 2014 to CNY13.7 (US$2), according to research compiled by e-commerce giant JD.com on the consumption of beauty products in China in 2017.

    Even though male skincare products, cosmetics brands and product categories are far less diverse than those in the women’s market, the future growth of the men’s market is vast as there will be more foreign brands entering the mainland market, Jing Daily concluded.

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  • Costa offers WeChat for duty free shopping on Chinese cruises

    Costa offers WeChat for duty free shopping on Chinese cruises

    Costa Cruises is launching a WeChat payment service onboard its fleet in China. It allows Chinese guests to use the online social communication platform to enjoy hassle-free mobile payment options, including duty free shopping – claimed to be a first for the global cruise industry.

    The WeChat service (also known as Weixin in China) launched on 2 September 2017 onboard Costa Atlantica. The integrated platform for instant messaging, commerce and payment services from Tencent Holdings, has over 963 million monthly active users.

    Chinese guests can use the online social communication platform to enjoy hassle-free mobile payment options, including duty free shopping.

    Costa – one of ten brands from Carnival Corporation – initially launched a WeChat Mini Program in August to book and pay for cruise itineraries. This latest addition extends payments to onboard duty free shopping, restaurants, spa, and other services through a complimentary intranet service.

    Costa Group Asia President Mario Zanetti said: “With China being one of the world’s leaders in mobile and digital advancements, we see great potential in leveraging WeChat’s leading position and technologies (and) also provide a more immersive and digitised onboard experience for our guests.”

    Costa Cruises claims it was the brand “that brought cruising to China in 2006” and is the leader in the Chinese cruise market today. Costa Cruises operates year-round in the Chinese market and has provided cruise vacations for over two million Chinese guests through four ships based across north, east and south China.

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  • Alibaba to open its first physical mall

    Alibaba to open its first physical mall

    Alibaba, the pioneer of Chinese e-commerce, is reportedly embarking on its first brick-and-mortar mall.

    The five-floor center, to be called “More Mall,” is being built near Alibaba‘s headquarters in the eastern Chinese city of Hangzhou, according to Caixin, a Beijing-based financial news group.

    Caixin first reported on the news Tuesday 2 September in the morning.

    A representative from Alibaba did not immediately respond to CNBC’s request for comment.

    The mall is being constructed on a 40,000-square-meter plot of land, Caixin said, and is scheduled to open in April 2018. Construction crews are believed to be finishing the building’s interior on time.

    Meantime, the internet giant has been making other moves in China to break into physical retailing.

    Alibaba CEO Jack Ma has said he wants to blend the online world with that of offline. One example is the company rolling out its own grocery concept, known as Hema.

    “More Mall” will feature unique brands from Alibaba’s e-commerce platform, Taobao, along with conventional retail brands, Caixin wrote.

    It will also have a Hema supermarket store, the publication said. Hema was first launched in 2015 as an app that allows shoppers to order groceries via a cellphone, using Alibaba’s Alipay to ring up purchases.

    In the U.S., Amazon is also encroaching on the physical world of retail — especially hurting grocery stores, after it bought Whole Foods.

    There are no reports of Amazon constructing its own mall, though. At least for now.

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  • Huawei bites Apple in smartphone sales rankings

    Huawei bites Apple in smartphone sales rankings

    Chinese brand Huawei has overtaken Apple in global smartphone sales rankings for two consecutive months – and is set to achieve a trifecta, according to research house Counterpoint.

    “With August sales looking strong for the Chinese vendor, a hat-trick for Huawei could be on the cards,”says Counterpoint research director Peter Richardson..

    “This is a significant milestone for Huawei, the largest Chinese smartphone brand with a growing global presence. It speaks volumes for this primarily network infrastructure vendor on how far it has grown in the consumer mobile handset space in the last three to four years,” said Richardson.

    “The global scale Huawei has been able to achieve can be attributed to its consistent investment in research and development and manufacturing, coupled with aggressive marketing and sales channel expansion.”

    But Richardson cautions Apple should regain its second spot given a new edition of the iPhone is set for launch in September.

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  • IoT to be a $1.8tr revenue opportunity for cellcos

    IoT to be a $1.8tr revenue opportunity for cellcos

    The Internet of Things will represent a $1.8 trillion revenue opportunity for mobile operators by 2026, thanks in part by the early deployment of commercial low power wide area (LPWA) networks in licensed spectrum, according to the GSMA.

    Research conducted for the industry association by Machina Research found that new mobile IoT applications and services represent huge growth opportunities for mobile operators.

    To date 12 operators have launched 15 commercial mobile IoT services. These include China Mobile, China Telecom and China Unicom, South Korea’s KT and LG Uplus as well as Singapore’s M1.

    Operators are enhancing their  their licensed cellular networks with narrowband IoT (NB-IoT) and LTE machine-to-machine (LTE-M) technologies utilising global 3GPP standards.

    Mobile IoT networks are expected to have 862 million active connections by 2022, representing 56% of all LPWA connections.

    The largest revenue opportunities for the IoT include consumer demand for connected home ($441 billion), consumer electronics ($376 billion) and connected car ($273 billion) technologies.

    The connected energy market is meanwhile expected to reach $128 billion by 2026 as local governments and consumers seek smarter ways to manage utilities, and revenues from connected cities are on track to reach $78 billion by this time.

    “There is a real sense of momentum behind Mobile IoT networks in licensed spectrum, with multiple commercial launches around the world, as well as the availability of hundreds of different applications and solutions, but there is still much to be done,” GSMA CTO Alex Sinclair said.

    “Many operators are already reaping the benefits of deploying Mobile IoT and we encourage others to act now to capitalise on this clear market opportunity and further accelerate the development of the Internet of Things.”

  • Apple China sets pertinent date for store opening

    Apple China sets pertinent date for store opening

    Apple China has set an opening date of September 16 for its Tianyi Square location in Ningbo – just in time for the iPhone 8 release.

    It will be the US technology brand’s 41st store in China, and appears to be geared toward Apple’s new retail vision with a large central gathering space with conventional retail on its periphery.

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  • Thyssenkrupp sees boost for steel from shift to electric cars

    Thyssenkrupp sees boost for steel from shift to electric cars

    South Korea’s Hyundai Motor (005380.KS) said it had suspended production at one of its China factories on Tuesday after a supplier refused to provide parts due to delays in payment – its second such incident in as many weeks.

    Frayed relations with suppliers to its venture with BAIC Motor Corp Ltd (1958.HK) are adding to headaches for Hyundai in China, where it has seen sales slump due to diplomatic tensions between the two nations and fierce competition from local brands.

    Supplier sources familiar with the matter say that BAIC is in charge of payments and has been responsible for the delays.

    The partners are fighting over their supplier strategy with BAIC favoring shifting to cheaper Chinese firms in the face of intense competition, while Hyundai wants to protect its South Korean supply chain, people familiar with the dispute said.

    Hyundai declined to comment on the reason for the failure to pay suppliers. A representative for BAIC could not be immediately reached for comment.

    Their joint venture had only just resumed production at four China plants on Aug. 30 after a suspension of about a week because one French supplier refused to provide fuel tanks due to non-payment.

    This time, a German firm has refused to provide parts for air intake systems, a representative for Hyundai said, declining to identify the supplier. The joint venture’s three other Chinese factories remain operational.

    Any loss of production from this one factory is unlikely to have a major sales impact as Hyundai probably has sufficient inventory at the plant because its cars have not been selling well, said Ko Tae-bong, an analyst at Hi Investment & Securities.

    “That is manageable. But if Hyundai’s Chinese partner is refusing to make payments, that’s a different story,” he said, adding that the issue could occur time and time again.

    Scrambling to tackle problems in China, Hyundai said this week it had appointed a new head for its China operations. Tao Hung Than, who is of Chinese descent, took the helm effective Friday replacing Chang Won-shin, who lasted less than a year in the job.

    The new China CEO, however, has a huge task in front of him if he is going to get Hyundai back on track in the world’s biggest auto market – one that accounted for nearly a quarter of Hyundai’s revenue in the last financial year.

    A weakening brand image and a product line-up without attractive SUVs are only adding to pain from diplomatic tensions. Hyundai’s sales from its Chinese factories plummeted 64 percent in April-June first quarter, when the automaker posted its smallest quarterly net profit in five years.

    South Korean firms have been hit by a Chinese backlash over Seoul’s decision to deploy a U.S. missile defense system to counter threats from nuclear-armed North Korea. China says the system poses a threat to its national security.

    Hyundai and BAIC were also due to start operations at a fifth China car factory late last month but the timetable has been pushed back. Hyundai has declined to comment on the postponement.

    Hyundai Motor shared fell 1.4 percent to their lowest level since April 19 on Tuesday and have declined 4.2 percent since the first reports of the supply disruptions emerged a week ago.

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  • Competition causes Yeli China to lose footing

    Competition causes Yeli China to lose footing

    While revenue rose 47.6 per cent for the quarter ended June 30 for China Sports International, its footwear subsidiary Yeli China is facing difficulties.

    The Singapore-listed company has changed its financial year end from December 31 to June 30, meaning its current period covers 18 months.

    For the latest quarter, revenue amounted to about RMB22.71 million (US$3.4 million). For the 18 months ended the same date, revenue grew by 4.8 per cent to about RMB358.8 million. The slender increase was mainly attributable to persistent and increasing competition in the sportswear industry.

    “Our distributors continued to be wary of the intensified competition and became even more prudent in placing their orders for footwear and apparel products,” says the company.

    However, an increase in OEM orders in first half enhanced revenue performance.

    Footwear sales for the 18 months grew only 2.6 per cent to about RMB345.4 million. The company says the poor economic outlook and lack of product improvement resulted in fewer orders from Yeli footwear distributors.

    Because of the persistent weakening retail sportswear market and intensified price competition, more than half the distributor sales outlets have been closed.

    During the 18 months, Yeli footwear sales were about RMB114.5 million, representing 33.1 per cent of the company’s footwear range, down from 53 per cent.

    For the sixth quarter, Yeli footwear revenue fell 25 per cent to about RMB15.8 million.

    Apparel sales were RMB13.4 million for the 18 months, up from RMB5.83 million, and for the sixth quarter were RMB1.9 million, down from RMB2.9 million.

    Overall gross profit was up 21.5 per cent to about RMB13.9 million for the 18 months, mainly because of the high sales volume from the OEM footwear segment.

    Overall gross profit margin edged up 3 per cent for the 18 months.

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  • Huawei promos cloud alliances with operators at annual event

    Huawei promos cloud alliances with operators at annual event

    “In 1943, IBM’s Thomas Watson said the world market for computers would be about five,” said rotating CEO Guo Ping during his keynote at Huawei Connect 2017.

    That number is significant, said Guo, as he spoke of Huawei’s vision to build one of the five major world clouds it predicts will be created in the future. The concept is based on airline alliances—Ping said that his firm would build a “cloud alliance” in partnership with operators like BT, Deutsche Telekom, Telefónica and Orange.

    “Only 2-3 companies can do what we do, he said.” About 50% of people globally use Huawei networks.”

    In a later press conference, Guo reiterated a point he made during his keynote. “The biggest difference between Huawei & traditional OTT companies is that Huawei does not monetize user data,” he said. “We monetize our technology.”

    Guo also provided details on Huawei’s hybrid cloud solutions that target the needs of governments and enterprises. “Huawei Cloud builds on the company’s decades of experience in devices, networks, clouds, and other digital domains, and is better equipped to achieve synergy between devices and the cloud,” said the company in a statement.

    Zheng Yelai, president of Huawei’s Cloud Business Unit, mentioned case studies from 12 automobile companies (including Volkswagen and Mercedes-Benz), Philips, ICBC, and several Chinese government service platforms currently using Huawei Cloud and cloud services from Huawei’s partners.

    “Our people have an in-depth understanding of our customers’ business scenarios,” said Zheng. The aim is to “help enterprises go digital more smoothly, and help ensure the success of more companies who are willing to innovate,” he said.

    At the event, Huawei also announced the launch of its new Enterprise Intelligence cloud services, which the company will provide with a platform of general and scenario-specific solutions. “To prevent vendor lock-in, Huawei offers hybrid cloud solutions that enable integration with third-party public cloud platforms, including those from Amazon and Microsoft,” said Huawei in a statement.

    “Huawei has worked with its partners to build a cloud network that has global coverage, providing complete solutions that help Chinese companies go global, and that also help companies outside China enter the Chinese market,” said the firm.

    Yang Xiaoling, CDO of China Pacific Insurance Company (CPIC), also spoke on his firm’s use of Huawei technology—specifically, using OCR technology to handle health insurance claims. Customers are able to take photos of their medical documents and upload the images to CPIC’s system, which will automatically read them and create structured claims documents.

    Li Qiang, division chief from the Shenzhen Traffic Police Bureau, referred to his analysis of intelligent urban transportation as Shenzhen’s “Traffic Brain.” Li claimed a ten-fold increase in image screening efficiency by using Huawei’s AI platform. “The intelligent traffic solution jointly developed by Huawei and the Shenzhen Traffic Police Bureau was honored with the ‘2017 Innovative Road Traffic Offering’ award from the Chinese Road Traffic Safety Association,” said Huawei.

  • New McDonald’s set to expand faster in China

    New McDonald’s set to expand faster in China

    Some 2,000 quick service outlets to open by 2022 in small cities

    McDonald’s Corp, the global fast-food chain that has forged a new partnership in China last month, will expand faster by opening 2,000 new restaurants in the next five years.

    They will be set up mostly in third-and fourth-tier cities with a focus on take-aways and digitalized services.

    The company said it will increase its expansion pace from about 250 new outlets this year to 500 per year from 2022 onward.

    It did not disclose other details like the scale of new investments that would ensue.

    The new partnership, jointly established by CITIC Ltd, CITIC Capital, Carlyle Capital and McDonald’s, paid $2.08 billion for the US-based fast food chain’s business in the Chinese mainland and Hong Kong.

    The deal received regulatory approval and was completed on July 31.

    The new company will become McDonald’s largest franchisee outside of the United States.

    CITIC Ltd and CITIC Capital together hold a majority 52 percent stake in the new company, while Carlyle Capital will hold 28 percent, and McDonald’s 20 percent.

    Currently, McDonald’s operates and manages 2,500 restaurants in the Chinese mainland, including 600 franchises, and 240 restaurants in Hong Kong.

    The new company will manage all the 2,000 new restaurants directly.

    Despite McDonald’s global dominance, KFC, owned by Yum China, has bigger presence in the Chinese quick service restaurant. Yum China runs more than 5,000 KFC restaurants in over 1,100 cities and counties.

    KFC’s wide presence in China appears to have bolstered the confidence of McDonald’s investors in the new expansion plan, industry insiders said.

    The new partnership of McDonald’s aims to achieve double-digit sales growth annually in the next five years.

    The goal includes delivery coverage of 3,375 restaurants or over 75 percent of the total.

    “China will soon become our largest market outside of the United States,” said Steve Easterbrook, McDonald’s president and CEO.

    “The mainland and Hong Kong are leading the global system in capturing new consumer trends such as delivery and digitalization and it is driving strong performance and growth momentum.”

    Zhang Yichen, the new chairman of McDonald’s China, said restaurant ownership at the local level will foster entrepreneurial spirit within the company.

    For example, considering the strong demand for takeout food and the population density in China, Zhang emailed Easterbrook regarding the need to develop a customized software system for the Chinese market.

    The latter dispatched McDonald’s global IT team to support the China business. Now, the take away operation in China tops the global chain’s comparable systems across markets.

    Zhang said CITIC has more than 1,400 bank branches in China. Besides, CITIC and Carlyle’s extensive resources and market expertise in real estate, supply chains, retail, consumer goods and technology, coupled with the global quality standards and branding of McDonald’s, will prove to be a winning formula.

    Jason Yu, general manager of Kantar Worldpanel China, a firm that researches shopper behavior, said, “CITIC operates many branches in third-and fourth-tier cities, and they understand the local market, hence will be able to help McDonald’s to choose appropriate sites for new restaurants and also provide useful real estate information.”

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