Introduction

Abstract

Rising prosperity and a rapidly commercializing economy have transformed post Mao China into the world’s largest and most rapidly growing emerging market. Until 1992, foreign firms were largely excluded from China’s domestic retail market. Since then, this sector has gradually opened to foreign involvement, a process boosted by commitments made as part of China’s accession agreement to the World Trade Organization, which it joined in 2001. China now constitutes an increasingly significant market for overseas retailers, offering the lure of substantial growth potential compared with low growth or stagnation in developed markets. Attracted by its growing economy and rising consumer spending, multinational retailers have rapidly built up their presence.