2024-04-23 07:30:00 ET
Summary
- Sun Art lost 1.7 billion yuan in its latest fiscal year, as it tries to overhaul its business in the face of competition from grocers with stronger online components.
- The loss owed largely to store closure-related charges and the company’s falling average value per transaction.
- The business model looks quite obsolete in China’s current grocery landscape dominated by online companies and offline shops that still allow customers to purchase orders online.
The former hypermarket superstar warned it fell into the red last year, as online grocers continued to eat its lunch. ...
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Faded Sun Art Seeks To Shine Again In China's Changing Grocery market