Furniture supermarkets are heating up competition in the industry.
San Francisco, CA (PRWEB) April 24, 2013
In the five years through 2013, the Furniture Store industry in China has been growing at an annualized rate of 23.2% to $16.7 billion. Industry demand is driven by growth in China's housing market and the rapidly developing economy, says IBISWorld.
The Furniture Store industry in China has a low concentration level, with the top four firms – Ikea, Yuexing Group, Kinhom Group, and Shenzen HoBa Home Furnishings – accounting for an estimated 19.9% of industry revenue in 2013. The concentration level is expected to increase in future years, as major players have greater funds to expand their sales networks, says IBISWorld.
A new store type, called furniture supermarkets or malls, has developed in recent years in China. Furniture supermarket operators build large-scale business buildings that are rented to small, low-end furniture retailers to display their products as they do in independent stores. Resource management systems adopted by high-end firms will be employed by furniture supermarkets to more efficiently manage the entry and exit of retailers and compete more effectively with high-end retailers, says IBISWorld. Demand for high quality furniture is increasing in China as income levels increase and China's middle class expands.
With booming e-commerce in China, online furniture stores have also been developing fast, says IBISWorld. Several furniture enterprises have set up online furniture stores to meet increasing demand from consumers.
For more information, visit Furniture Stores in China industry report page.
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IBISWorld Industry Report Key Topics
The Furniture Store industry is part of China's retail trade sector. Furniture stores retail a broad range of furniture goods for dining rooms, bedrooms, kitchens, home offices, and other indoor and outdoor areas. These furniture goods are purchased from domestic and international manufacturers and wholesalers.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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