Chinese electronics retailer Suning has opened its first Suning Elite luxury store in Shenzhen, targeting medium and high-end consumers in first-tier cities in China.
At present, the store structure in China's home appliances market mainly consists of large flagship stores, central stores, and community stores. However, Suning's database management platform shows that the structure of current home appliances industry is highly concentrated and manufacturers are changing their low-end marketing which is mainly realized through price wars to create more valuable consumer groups.
Jin Ming, executive president for Suning's marketing headquarters, told local media that with the development of China's economy and increased urbanization, the consumption habits of Chinese consumers have undergone tremendous changes. Based on this trend, Suning plans to implement its high-end market strategy though the Suning Elite stores.
Taking the first luxury store in Shenzhen as its starting point, Suning will continue its distribution in first-tier markets, including Beijing, Shanghai, Guangzhou, and Nanjing, aiming to open 100 luxury electronics retail stores in the next three years.
With an average area of between 1,500 and 2,500 square meters, Suning Elite luxury stores will aim to bring the latest gadgets and high-end goods to China's social climbers.