China Retailers Lose Steam, Deepening Wen’s Challenges

China’s retailers from clothing to computers are reporting weaker sales growth, undermining Premier Wen Jiabao’s goal of relying more on consumer spending for expansion as the economy cools.
Passenger-vehicle sales trailed analysts’ estimates in July. Sportswear seller Li Ning Co. shut 1,200 stores in the first half and department-store chain Parkson Retail Group Ltd. (3368)’s same-store sales rose at less than a quarter the pace of a year earlier. Gome Electrical Appliances Holding Ltd. (493) said it would report a first-half loss on lower sales.
The reports show an extra drag on the second-largest economy after export growth almost stalled in July and factory output missed forecasts. The year’s fastest decline in industrial companies’ earnings and a stock market at a three- year low mean income gains may slow, giving consumers less money to spend and boosting odds Wen will add stimulus.
“The pressure on retail sales is growing bigger and bigger,” said Shen Jianguang, Hong Kong-based chief Asia economist at Mizuho Securities Asia Ltd. “When exports are fragile and investment is weak, if companies started to reduce their production or workforce, how can it be possible for consumer spending to stay strong?”
Retail sales missed economists’ forecasts in three of the last four months and Mizuho said they will stay weak. Sales increased 13.1 percent in July from a year earlier, the National Bureau of Statistics said Aug. 9, compared with the median 13.5 percent estimate of 32 analysts surveyed by Bloomberg News.
The Shanghai Composite Index fell 0.4 percent as of 10:04 a.m. local time after companies’ reports of profit declines.
Government Spending
The official data include government purchases and aren’t adjusted for inflation or broken down by consumer or government spending. Fiscal spending is rising at a faster clip than retail sales, up 37 percent in July from a year earlier, according to the Ministry of Finance. After adjusting for prices, retail sales rose 12.2 percent in July and 12.1 percent in June, the NBS said.
“Consumers have generally become more conservative in their spending, especially on certain higher-end discretionary products,” Natural Beauty Bio-Technology Ltd., which sells skin-care items in China, said in an Aug. 16 filing with the Hong Kong stock exchange.
Corporate profits and stock markets may be keys to the direction of consumer spending. China’s industrial profits fell in July by the most this year, an Aug. 27 government report showed. A record number of Hong Kong-listed companies since the start of June have predicted lower profit or a loss for a specific period, based on data compiled by Bloomberg News. Shanghai’s stock benchmark is close to the lowest level since February 2009.
Asian Slowdown
Policy makers across Asia may need to consider more stimulus as Europe’s debt crisis hits exports and confidence. South Korea’s current-account surplus rose to a record in July as imports declined, a government report showed today.
In the U.S., the Commerce Department’s first revision to second-quarter gross domestic product may show a gain of 1.7 percent compared with an initially reported 1.5 percent increase, according to the Bloomberg survey median. In the first three months of the year, the economy expanded 2 percent.
The Federal Reserve releases its Beige Book survey of economic conditions in 12 U.S. districts, two weeks ahead of the Sept. 12-13 policy meeting of the Federal Open Market Committee.
In Europe, data on German inflation and Italian retail sales are due, while Brazil’s central bank may be poised to cut interest rates for a ninth straight meeting.
Wage Headwinds
“Consumer spending is decided critically by income, and as we can see, China’s industrial profits are falling at a faster speed in July, which means more headwinds for employee compensation, wages and bonuses,” said Zhang Zhiwei, chief China economist at Nomura Holdings Inc. in Hong Kong. “For non- wage income such as investment income from property and stock markets, you don’t have to be an expert to tell that most people are actually losing money, so overall consumer disposable income is actually very weak.”
Retail sales growth may slow another one or two months before a possible rebound next quarter, Zhang said.
Wen signaled in March that leaders are determined to cut reliance on exports and capital spending in favor of consumption, saying in a speech to legislators that “expanding domestic demand, particularly consumer demand, which is essential to ensuring China’s long-term, steady, and robust economic development, is the focus of our economic work this year.”
Wang Tao, China economist at UBS AG in Hong Kong, said in a report yesterday that “if protecting growth is a more important short-term goal, rebalancing will have to wait.”
Stimulus Efforts
The People’s Bank of China cut interest rates in June and July for the first time since 2008 and has lowered banks’ reserve requirements three times starting in November. Authorities have accelerated approval of projects and local governments have announced trillions of yuan of investment- spending goals in the next few years.
Shares of Parkson, based in Beijing with shares listed in Hong Kong, fell 6.5 percent on Aug. 27, the most since October, following the Aug. 24 report of slowing sales. Barclays Plc analysts cut their rating on the company to “underweight” from “overweight” and said earnings in the next 12 months are likely to “remain lackluster.”
At Parkson’s seven-floor Beijing store located across the street from the central bank’s headquarters, Li Ruidong said yesterday that he’s cut back on shopping there and prefers low- end malls to Parkson, whose luxury brands include Armani, Cartier and Hermes.
Catching Up
“My salary can’t catch up with the rise in prices, and I have a daughter to feed,” said Li, 39, a bank employee.
Zhang Hong, a 42-year-old housewife who lives near the store, said she likes to try clothes on at Parkson, then purchase the items online. “I only buy coffee and eat McDonald’s here,” Zhang said.
Hengdeli Holdings Ltd. (3389) of Hong Kong, the retail partner of Swatch Group AG in China, said last week it expects sales growth to slow in the second half as shoppers curb spending on luxury watches.
Consumer spending may still contribute more to expansion than other parts of the economy. Compared with volatility in exports and investment, consumption is still a “stable growth engine,” said Zhu Haibin, the chief China economist with JPMorgan Chase & Co. in Hong Kong.
Some companies are counting on the government to aid revenue. Trinity Ltd., the high-end menswear retailer that sells Gieves & Hawkes and Cerruti in China, expects sales to accelerate next year as authorities take steps to boost growth, Managing Director Sunny Wong said Aug. 23. Parkson said China has room to “further adjust its macroeconomic policies.”
At the same time, “consumer confidence has weakened as the overall economic outlook is uncertain,” Zhu said. “The biggest problem at present is weak domestic demand — if policy efforts can boost corporate sector investment and profitability, consumption may come naturally.”
–Zhou Xin. With assistance from Raymond Liu and Zheng Lifei in Beijing. Editors: Paul Panckhurst, Scott Lanman
To contact Bloomberg News staff for this story: Zhou Xin in Beijing at xzhou68@bloomberg.net
To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net
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http://www.bloomberg.com/news/2012-08-28/china-retailers-lose-steam-deepening-wen-s-challenges.html
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TRAILER TWO

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Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

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Yats Leisure Philippines

Wine@Yats-International.com

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Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay

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http://www.PhilippinesWeddingVenue.com

While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.

The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com

Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com

Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to www.ClearwaterPhilippines.com

Buy wine in Pampanga, Philippines at good wine shops and boutique wine stores that offer good selection of good vintage wines at all price points. Wine lovers in Philippines can find good red wines in wine shops in Manila and Pampanga. Among the good selections of French red wines from Bordeaux are Chateau Gloria, Chateau Lafite, Chateau Margaux, Chateau Petrus, Chateau Lynch Bages, Chateau Latour, Chateau Mouton Rothschild, Chateau Cheval Blanc, Chateau Ausone, Chateau le Pin, Chateau Palmer, Chateau Pontet Canet, Chateau Carruades de Lafite, Chateau les Forts de Latour, Chateau Pichon Lalande. This makes it easy and convenient for wine lovers to buy wine in Manila. Manila wine and food lovers looking for things to do in Pampanga and Manila can consider attending one of these wine events. Leading Philippines wine supplier and wine importer Yats Wine Cellars frequently hold public wine tasting in Clark, Pampanga and Manila.