CHINA. China Duty Free Group (CDFG) showed a strong performance in 2010 with total duty free sales rising +21.7% year-on-year to RMB2.7 billion (US$417 million) and duty paid sales more than doubling to RMB130.7 million (US$20 million. That’s according to the 2010 annual report of CITS Group Corporation, CDFG’s parent.
The company attributed the strong growth its duty free and duty paid sales partially to measures taken during the year, which included:
– Improving the purchasing process
– Strengthening collaborative relationships with suppliers
– Introducing new brands
– Improving retail operation standards
– Developing new channels for retail
– Exploring new ways to operate the retail business
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CDFG opened ten new shops in 2010, with its operations at Hangzhou International among the highlights |
The company’s annual report also highlighted that ten duty free shops were completed in 2010, and that CDFG had also obtained the rights to manage duty free operations in Hangzhou International Airport and Nanjing International Airport.
CITS Group Corporation is a key state-owned corporation in China that is involved in the provision of travel services, sales of duty free products, development and management of real estates in tourism resorts, communications and transport, electronic commerce, and also the provision of other general services. The company owns three major subsidiaries- CITS, China Duty Free Group Corporation and CITS Real Estates & Property Management Corporation (to be established soon).
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