Xtep plans to further close hundreds of retail store this year
Nowadays Xtep Group, one of China six leading sports brands, announced a plan to further close 100-200 retail stores this year, these stores mainly located in the provinces of Anhui and Hunan. The numbers of shut stores were 100 last year. Further more the group said production order for the first half dropped by 15%-20%, such situation maybe continues in the secord half.
According to economic daily report there were 3000 retail stores closed in these six sports brands last year, more will be expected to close this year as business orders for these sports brands declined ranging from 20% to 30% for the first half of 2013.
Chinese sports brands have to close part of stores for dealing with current crises, they opened more stores before listing in stock market, now they have to pay the price for their blind expansion.CITATION：http://old.chinaleather.org:82/eng/show.php?itemid=8715