|
Chinese Internet guru Jack Ma officially stepped down as chief executive of e-commerce giant Alibaba Group Holding Ltd. But his legacies are still fundamentally reshaping the business landscape. The annual consumption bonanza on so-called Singles Day, Nov 11, saw sales on Alibaba reach $3.1 billion, turning it into the world's biggest online shopping day. Department stores in China's big cities likely will face increasing pressure to be profitable in 2014 due to mounting consumer preference for other retail formats, rising rents and a shifting of growth to lower-tier cities. [Photo by Dong Xuming/Asianewsphoto]
|
