SF Express Logistics shuts SF Best retail network
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Chinese logistics firm SF Express is reportedly closing its network of SF Best offline retail stores in major Chinese cities.
The move, which has seen the shuttering of the firm’s e-commerce and retail business SF Best, has been prompted by a slowing economy and thin margins in the sector. The brand was formally considered at the head of China’s e-commerce wave.
Just two years ago, SF Best announced plans to open 10,000 outlets within three years. Its aggressive offline expansion plans, however, saw heavy retail losses and a high turnover in management that sent the firm into a dive.
A spokesperson for the firm announced that it is currently undergoing restructuring and plans to ramp up operations in Beijing and southern China before further expansion. It is also working to strengthen its online brand.
Questions & Answers
Q.What is the primary reason SF Express Logistics is closing its SF Best retail network?
What is the primary reason SF Express Logistics is closing its SF Best retail network?
The closures are reportedly due to a slowing economy and narrow profit margins within the sector. Heavy retail losses and high management turnover also contributed to the firm's struggles.
Q.How ambitious were SF Best's expansion plans recently?
How ambitious were SF Best's expansion plans recently?
Just two years ago, SF Best had announced ambitious plans to open 10,000 outlets within three years. These aggressive offline expansion efforts ultimately led to significant financial losses for the firm.
Q.What are SF Express Logistics' plans following the closure of SF Best?
What are SF Express Logistics' plans following the closure of SF Best?
The firm is currently undergoing restructuring and intends to increase its operations in Beijing and southern China before any further expansion. It also plans to strengthen its online brand.