Foreign retailers shop for new growth model

Foreign retailers aim to pursue new business models in China to compete with their mainland counterparts, as a surge in e-commerce crimps margins across the industry.

In its latest attempt to find the right model for growth in the nation, global retailer Tesco Plc opened a large shopping mall, called Tesco Lifespace, in April in Guangzhou, the capital of Guangdong province.

Tesco owns the mall, which will help the Britain-based retailer maintain sustainable development amid fierce retail competition, according to Chen Pei, operations manager of Tesco Property Ltd.