DB 德银：China Dept Store Shopping spree

Report April 2007 中国百货业深度研究

4 April 2007 87页

With the whole shift vis-à-vis consumer trend in high-end consumer discretionary, investing in department stores with strong brand equity and at good locations seems a better strategy. This is also supported by our survey that shows popular stores are those that can provide a "fun" shopping experience

Table of Contents
Executive summary ........................................................................... 3
A walk down memory lane............................................................... 4
Why department stores are popular in China? ............................... 6
Competitive landscape ................................................................... 10
Shopping behavior in department stores ..................................... 15
Winning factors................................................................................ 21
Sector top picks............................................................................... 22
Industry risks ................................................................................... 26
Appendix A: Survey questions ....................................................... 28
Appendix B: Operating performance by retail formats................ 29
Parkson Retail Group ...................................................................... 30
Golden Eagle Retail ......................................................................... 58