The retreat of international retailers in China is nearly complete.
As one of the first international retail corporations to enter mainland China, Carrefour from France has had several of its "old stores" put up closure announcements approaching the end of 2021. At the beginning of 2021, it closed 14 stores in just 2 months.
American retail giant Wal-Mart has closed 107 stores in China in recent years. The first store it opened in China was closed on December 7th, 2021, which has saddened some local consumers.
Before Carrefour and Wal-Mart, a large number of foreign-owned retail outlets have chosen to take their losses. These include companies from around the world. They have been retreating from the Chinese market, almost exclusively from 2018 to mid-2021.
Both Chinese consumers and those in the retail industry can feel that this is an end of an era, and the future is full of uncertainty.
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