China crisis? It’s just a blip for retail
The recent China stock market crisis sent shock waves around the world touching every part of the global economy, including retail. There have been many harbingers of doom, but not Fieldworks’ Managing Director, Chris Field, who issued a rallying call in industry bible Retail Week.
He declared: “Let’s look beyond the Great Correction, and consider that currency re-evaluation will only cause a moment’s hesitation. OK, so we may not see 10% and above growth rates for a while, but Reuters estimated three years ago that by 2020, Asia will host 64% of the global middle class and account for over 40% of global middle class consumption.”
Chris clearly sees this episode as merely a bump in the road and retailers should saddle up for an encouraging long term future, buoyed by the burgeoning bourgeoisie.
He concludes: “If that’s not a fat retail opportunity, I don’t know what is. Right now, I couldn’t care less about retailers’ shareholder value taking a short term knock.”