Reported 7 months ago
Since the outbreak of COVID-19, declining income, a sluggish housing market, and fierce competition in e-commerce have led to a wave of closures of physical stores in China. RT-Mart, once hailed as the 'king of hypermarkets' in China, has been hit hard, with 20 stores closing by the end of March this year. The company, part of the Alibaba Group, has suffered losses, prompting cost-cutting measures, including the closure of stores and the laying off of 20,000 employees, aiming to save over 500 million yuan in welfare expenses.
Source: YAHOO