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Macy's shelves China expansion

Monday, October 07, 2013 - 01:13

Oct. 7 - U.S. department store Macy’s is the latest to put its online expansion plans in China on hold, says the Wall Street Journal. Fred Katayama reports.

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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Foreign retailers keep stumbling in China. Macy's became the latest retailer to put its online expansion plans on hold there. The Wall Street Journal says Macy's needs more time to learn about Chinese shoppers. Last year, a more bullish Macy's had bought a small stake in Chinese retailer VIPStore to sell its private brands to Chinese consumers. Macy's move comes just when China's economy shows signs of recovering from a slowdown. The department store chain says its decision has nothing to do with the slowdown or demand for luxury goods. Macy's got company. Ritzy retailer Neiman Marcus closed its warehouse on the mainland this year because it's more efficient to ship products from the U.S., according to the Journal. And Home Depot closed all of its stores after finding that the Chinese didn't like to do-it-themselves. But the Journal also reports that Wal-Mart, which has struggled in the past in China, is thinking about making acquisitions there. The world's largest retailer ranks second in China, and it wants to bolster its share in cities where it is weak. Its archival, number one Sun Art, just announced two months ago that it would sell groceries online to take on Wal-Mart.

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Macy's shelves China expansion

Monday, October 07, 2013 - 01:13

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