It took China's biggest retail chain Suning all last year to generate sales of about $17 billion. Last month, e-commerce giant Alibaba saw sales worth more than half that amount pass through its Tmall website in just one day. Big retailers like Suning Commerce Group Co Ltd and foreign rivals Wal-Mart Stores Inc and Best Buy Co Inc are struggling to attract customers to their traditional stores in China, where online shopping is booming."The trend is definitely towards e-commerce because that's where the consumers are," said Frank Lavin, CEO of Export Now, which helps global firms launch their business in China."The 'big box' model here is already crowded. You need to invest a lot and be here on a large scale to make it work."This month, Best Buy sold its Chinese business, which had struggled to fend off local rivals.
Best Buy Co., Inc. is a multinational, multichannel retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories. Shares of BBY traded higher by 1.75% or $0.63/share to $36.63. In the past year, the shares have traded as low as $22.15 and as high as $42.21. On average, 6045160 shares of BBY exchange hands on a given day and today's volume is recorded at 4169277.
Wal-Mart Stores, Inc. (Walmart) operates retail and other stores in various formats, including membership clubs. Shares of WMT traded higher by 1.02% or $0.85/share to $83.83. In the past year, the shares have traded as low as $72.27 and as high as $88.09. On average, 7414230 shares of WMT exchange hands on a given day and today's volume is recorded at 8032909.
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