2008年5月份，中国社会消费品零售总额8704亿元，同比增长21.6%，其中，批发和零售业零售额7372亿元，同比增长21.8%，1-5月累计社会消费品零售总额42401亿元，同比增长21.1%。消费增长虽然经历了雪灾以及地震后稍有回落，但仍然保持在近年来的较高水平，预计未来一段时间消费增速不会发生较大的回落，中国的百货零售业仍然处于发展的黄金期。

　　《2000-2008年中国百货零售上市公司投资方向分析报告》研究的是百货零售行业的45家上市公司2000－2008年的所有投资项目，总结该行业的投资趋势，以及各企业的投资特点和投资趋势。

　　百货零售业上市公司近年来的投资额不断稳健增加，在2007年达到了最高，超过了117亿元。项目投资一直以来以非募集资金为主，可见百货零售行业的上市公司有很强的自筹资金能力，不依赖上市募集资金。

　　百货零售业投资最集中的地区是上海，无论是募集资金投资还是非募集资金投资都居各省市的第一位，可见各公司对上海市场十分看好。投资额紧随其后的依次是辽宁、湖北、北京和江苏。

图：百货零售行业上市公司2000至2008年的投资统计图（按省市前10名）
 

　　本报告总结分析了45家百货零售上市公司的项目投资情况，譬如600859王府井。

图：王府井　2000-2007年投资年度趋势图

 图：王府井　2000至2008的投资分布图（按细分行业）
 

600859　王府井　投资特点

• 公司主营业务从事综合百货业的经营和管理.王府井旗下拥有16家百货门店, 分别位于北京、广州、武汉、成都、包头、重庆、南宁、呼和浩特、洛阳、长沙、西宁以及乌鲁木齐。 
• 成熟型门店包括成都店、北京百货大楼和双安商场，是公司的现金牛，三家门店占公司净利润总额的110%；而包头、广州、长沙、洛阳和西宁王府井则是公司未来的明星店，是公司未来三年内业绩快速增长的主要来源；其余门店为培育型门店。
• 公司未来仍将通过百货连锁经营方式，不断拓展企业规模。其实际展店速度为每年4-5家新开百货门店。
• 公司的投资项目自2004年开始增多，投资额呈上升趋势，运用的全部为非募集资金，其中2007年的投资项目达到7个，平均投资额近1亿，为近年之最；投资主要集中在华北地区。

说明：　客户在购买本报告时，我们可以将数据更新至最近的一个季度。

China’s total retail sales of consumer goods in May of 2008 reached CNY870.4 billion, up 21.6% year on year. Of which, the retail sales of China's wholesale and retail sale industry hit CNY737.2 billion, rising 21.8% compared to the same period a year earlier. China’s accumulated retail sales in the first five months of this year totaled CNY4.2401 trillion, increasing by 21.1% year on year. China’s consumption growth still remained at a high level in recent years, even if the growth once had experienced a slight decline after China suffered the snow disaster and earthquake. It is forecasted that the consumption growth rate won’t have a big fall in a certain period of time in the future, and China’s retail industry is still in the golden period of development.

The report makes an in-depth analysis on all investment projects financed by 45 listed companies in China’s retail industry, and makes a summary on investment trend of China’s retail industry as well as investment characteristics and trend of all the listed companies. 

The investment of the listed retail companies has increased gradually and steadily in recent years. In 2007, the investment reached the summit, surpassing CNY11.7 billion. The investment projects are always financed mainly by non fund raising, so it can be seen that the listed retail companies have a strong self-financing capability and they don’t rely on the stock market to raise fund.

Shanghai is the place with the most investment in retail industry, ranking the first in China in terms of both fun raising investment and non fund raising investment. This shows that the listed companies give more confidence to the market in Shanghai, followed by Liaoning Province, Hubei Province, Beijing and Jiangsu Province in terms of investment amount.

China Top 10 Province/Municipality in Terms of Investment of Stock Listed Retail Companies, 2000-2008

 
Source: ResearchInChina

The report summarizes the project investment of the 45 listed retail companies, like Beijing Wangfujing Department Store (Group) Co., Ltd.

Annual Investment of the company of Wangfujing, 2000-2007
 
Source: ResearchInChina

Investment Distribution of Wangfujing by Segments, 2000-2008 
 
Source: ResearchInChina

Investment Characteristics of Wangfujing

Its main business is the operation and management of department store. It has 16 department stores, located in Beijing, Guangzhou, Wuhan, Chengdu, Baotou, Chongqing, Nanning, Hohhot, Luoyang, Changsha, Xining and Urumchi respectively.

The stores in maturity include Chengdu Store, Beijing Department Store and Shuang’an Store. The stores in Baotou, Guangzhou, Changsha, Luoyang and Xining will be the star stores in the future, which will be the main source of rapid growth in the company’s performance in the following three years. The rest is still in the early stage of development.

Wangfujing will continue to expand its business scale in the future through operation mode of department store chain. The company opens 4-5 new stores annually.

Since 2004, its number of investment projects has risen. Its investment is on the upward trend, and all projects are financed by non fund raising. In 2007, it had seven projects, of which the average investment was nearly CNY100 million, the peak in recent years. Its investment is mainly concentrated in North China.

Note: We can update the data in the report to the most recent quarter, when the report is purchased.

第一章 百货零售行业投资方向分析
1.1 百货零售行业概况
1.2 百货零售行业的项目投资特点

第二章  百货零售上市公司投资方向分析
2.1 大通燃气的投资项目分析
2.1.1 投资方向分析
2.1.2 投资特点分析
2.2 华馨实业的投资项目分析
2.2.1 投资方向分析
2.2.2 投资特点分析
2.3 深国商的投资项目分析
2.3.1 投资方向分析
2.3.2 投资特点分析
2.4 合肥百货的投资项目分析
2.4.1 投资方向分析
2.4.2 投资特点分析
2.5 通程控股的投资项目分析
2.5.1 投资方向分析
2.5.2 投资特点分析
2.6 鄂武商Ａ的投资项目分析
2.6.1 投资方向分析
2.6.2 投资特点分析
2.7 开元控股的投资项目分析
2.7.1 投资方向分析
2.7.2 投资特点分析
2.8 昆百大A的投资项目分析
2.8.1 投资方向分析
2.8.2 投资特点分析
2.9 西安民生的投资项目分析
2.9.1 投资方向分析
2.9.2 投资特点分析
2.10 大连友谊的投资项目分析
2.10.1 投资方向分析
2.10.2 投资特点分析
2.11 中兴商业的投资项目分析
2.11.1 投资方向分析
2.11.2 投资特点分析
2.12 武汉中商的投资项目分析
2.12.1 投资方向分析
2.12.2 投资特点分析
2.13 宝商集团的投资项目分析
2.13.1 投资方向分析
2.13.2 投资特点分析
2.14 华联股份的投资项目分析
2.14.1 投资方向分析
2.14.2 投资特点分析
2.15 广州友谊的投资项目分析
2.15.1 投资方向分析
2.15.2 投资特点分析
2.16 南京中商的投资项目分析
2.16.1 投资方向分析
2.16.2 投资特点分析
2.17 商业城的投资项目分析
2.17.1 投资方向分析
2.17.2 投资特点分析
2.18 大厦股份的投资项目分析
2.18.1 投资方向分析
2.18.2 投资特点分析
2.19 ST筑信的投资项目分析
2.19.1 投资方向分析
2.19.2 投资特点分析
2.20 新世界的投资项目分析
2.20.1 投资方向分析
2.20.2 投资特点分析
2.21 百联股份的投资项目分析
2.21.1 投资方向分析
2.21.2 投资特点分析
2.22 豫园商城的投资项目分析
2.22.1 投资方向分析
2.22.2 投资特点分析
2.23 南京新百的投资项目分析
2.23.1 投资方向分析
2.23.2 投资特点分析
2.24 东百集团的投资项目分析
2.24.1 投资方向分析
2.24.2 投资特点分析
2.25 大商股份的投资项目分析
2.25.1 投资方向分析
2.25.2 投资特点分析
2.26 欧亚集团的投资项目分析
2.26.1 投资方向分析
2.26.2 投资特点分析
2.27 南宁百货的投资项目分析
2.27.1 投资方向分析
2.27.2 投资特点分析
2.28 西单商场的投资项目分析
2.28.1 投资方向分析
2.28.2 投资特点分析
2.29 重庆百货的投资项目分析
2.29.1 投资方向分析
2.29.2 投资特点分析
2.30 兰州民百的投资项目分析
2.30.1 投资方向分析
2.30.2 投资特点分析
2.31 友好集团的投资项目分析
2.31.1 投资方向分析
2.31.2 投资特点分析
2.32 新华百货的投资项目分析
2.32.1 投资方向分析
2.32.2 投资特点分析
2.33 杭州解百的投资项目分析
2.33.1 投资方向分析
2.33.2 投资特点分析
2.34 津劝业的投资项目分析
2.34.1 投资方向分析
2.34.2 投资特点分析
2.35 成商集团的投资项目分析
2.35.1 投资方向分析
2.35.2 投资特点分析
2.36 香溢融通的投资项目分析
2.36.1 投资方向分析
2.36.2 投资特点分析
2.37 上海九百的投资项目分析
2.37.1 投资方向分析
2.37.2 投资特点分析
2.38 长百集团的投资项目分析
2.38.1 投资方向分析
2.38.2 投资特点分析
2.39 王府井的投资项目分析
2.39.1 投资方向分析
2.39.2 投资特点分析
2.40 北京城乡的投资项目分析
2.40.1 投资方向分析
2.40.2 投资特点分析
2.41 百大集团的投资项目分析
2.41.1 投资方向分析
2.41.2 投资特点分析
2.42 SST秋林的投资项目分析
2.42.1 投资方向分析
2.42.2 投资特点分析
2.43 汉商集团的投资项目分析
2.43.1 投资方向分析
2.43.2 投资特点分析
2.44 银座股份的投资项目分析
2.44.1 投资方向分析
2.44.2 投资特点分析
2.45 广百股份的投资项目分析
2.45.1 投资方向分析
2.45.2 投资特点分析

1. Investment Direction of China Retail Industry
1.1 Overview of Retail Industry
1.2 Investment Characteristics

2. Investment Direction of Listed Retail Companies
2.1 Sichuan Datong Gas Development Co., Ltd
2.1.1 Investment Direction
2.1.2 Investment Characteristics
2.2 Qingdao Huaxin Industry Co., Ltd
2.2.1 Investment Direction
2.2.2 Investment Characteristics 
2.3 Shenzhen International Enterprise Co., Ltd
2.3.1 Investment Direction
2.3.2 Investment Characteristics
2.4 Hefei Department Store Group Co., Ltd
2.4.1 Investment Direction
2.4.2 Investment Characteristics
2.5 Changsha Tongcheng Holdings Co., Ltd
2.5.1 Investment Direction
2.5.2 Investment Characteristics
2.6 Wuhan Department Store Group Co., Ltd
2.6.1 Investment Direction
2.6.2 Investment Characteristics
2.7 Xi'an Kaiyuan Holding Group Co., Ltd
2.7.1 Investment Direction
2.7.2 Investment Characteristics
2.8 Kunming Sinobright (Group) Co., Ltd
2.8.1 Investment Direction
2.8.2 Investment Characteristics
2.9 Xi’an Minsheng Group Co., Ltd
2.9.1 Investment Direction
2.9.2 Investment Characteristics
2.10 Dalian Friendship Group Co., Ltd
2.10.1 Investment Direction
2.10.2 Investment Characteristics
2.11 Chung Shing Bank
2.11.1 Investment Direction
2.11.2 Investment Characteristics
2.12 Wuhan Zhongnan Commercial Group Co. Ltd
2.12.1 Investment Direction
2.12.2 Investment Characteristics
2.13 Baoji Department Store (Group) Co., Ltd
2.13.1 Investment Direction
2.13.2 Investment Characteristics
2.14 Beijing Hualian Department Store Co., Ltd
2.14.1 Investment Direction
2.14.2 Investment Characteristics
2.15 Guangzhou Friendship Co., Ltd
2.15.1 Investment Direction
2.15.2 Investment Characteristics
2.16 Nanjing Central Emporium Co., Ltd
2.16.1 Investment Direction
2.16.2 Investment Characteristics
2.17 Shenyang Commercial City Co., Ltd
2.17.1 Investment Direction
2.17.2 Investment Characteristics
2.18 Wuxi Commercial Mansion Grand Orient Co., Ltd
2.18.1 Investment Direction
2.18.2 Investment Characteristics
2.19 Hainan Zhuxin Investment Co., Ltd
2.19.1 Investment Direction
2.19.2 Investment Characteristics
2.20 New World Development Co., Ltd
2.20.1 Investment Direction
2.20.2 Investment Characteristics 
2.21 Shanghai Bailian Group Co., Ltd
2.21.1 Investment Direction
2.21.2 Investment Characteristics
2.22 Shanghai Yuyuan Tourist Mart Co., Ltd
2.22.1 Investment Direction
2.22.2 Investment Characteristics
2.23 Nanjing Xinjiekou Department Store Co., Ltd
2.23.1 Investment Direction
2.23.2 Investment Characteristics
2.24 Fujian Dongbai (Group) Co., Ltd
2.24.1 Investment Direction
2.24.2 Investment Characteristics
2.25 Dashang Group Co., Ltd
2.25.1 Investment Direction
2.25.2 Investment Characteristics
2.26 Changchun Eurasia Group Co., Ltd
2.26.1 Investment Direction
2.26.2 Investment Characteristics
2.27 Nanning Department Store Co., Ltd
2.27.1 Investment Direction
2.27.2 Investment Characteristics
2.28 Beijing Xidan Market Co., Ltd
2.28.1 Investment Direction
2.28.2 Investment Characteristics
2.29 Chongqing Department Store Co., Ltd
2.29.1 Investment Direction
2.29.2 Investment Characteristics
2.30 Lanzhou Minbai Group Co., Ltd
2.30.1 Investment Direction
2.30.2 Investment Characteristics  
2.31 Xinjiang Friendship Group Co., Ltd
2.31.1 Investment Direction
2.31.2 Investment Characteristics
2.32 Yinchuan Xinhua Department Store Co., Ltd
2.32.1 Investment Direction
2.32.2 Investment Characteristics
2.33 gzhou Jiebai Group Co., Ltd
2.33.1 Investment Direction
2.33.2 Investment Characteristics
2.34 Tianjin Quanye Bazaar (Group) Co., Ltd
2.34.1 Investment Direction
2.34.2 Investment Characteristics
2.35 Chengshang Group Co., Ltd
2.35.1 Investment Direction
2.35.2 Investment Characteristics
2.36 Sunny Loan Top Co., Ltd
2.36.1 Investment Direction
2.36.2 Investment Characteristics
2.37 Shanghai Join Buy o., Ltd
2.37.1 Investment Direction
2.37.2 Investment Characteristics
2.38 Changchun Department Store Co., Ltd
2.38.1 Investment Direction
2.38.2 Investment Characteristics
2.39 Beijing Wangfujing Department Store (Group) Co., Ltd
2.39.1 Investment Direction
2.39.2 Investment Characteristics
2.40 Beijing Urban-Rural Trade Centre Co., Ltd
2.40.1 Investment Direction
2.40.2 Investment Characteristics
2.41 Baida Group Co., Ltd
2.41.1 Investment Direction
2.41.2 Investment Characteristics
2.42 Harbin Churin Group Jointstock Co., Ltd
2.42.1 Investment Direction
2.42.2 Investment Characteristics
2.43 Wuhan Hanshang Group Co., Ltd
2.43.1 Investment Direction
2.43.2 Investment Characteristics
2.44 Silver Plaza Group Co., Ltd
2.44.1 Investment Direction
2.44.2 Investment Characteristics
2.45 Guangzhou Grandbuy Co. Ltd
2.45.1 Investment Direction
2.45.2 Investment Characteristics