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Andrew: Is the Chinese
domestic economy self-sustaining still, and how much with China remains untapped prospective (for Adidas as well)?
Erick: The Chinese government has fought to transition the economic system from an investment-driven, export-led model to your robust, consumer-led economy. Their efforts were hampered by the persistently high savings rate inside China.
The lack of a robust social
security infrastructure, including health care, education, retirement, and housing, have led the Chinese to keep up an extraordinarily high amount of savings, which preclude these people from higher levels with consumer spending. Many organizations, particularly those like Adidas that are focused on the customer, hope that government policy will increasingly concentrate on bolstering the nascent public welfare system.
Geographically, the particular government's focus in
recent years has already been on developing the substantial but relatively sparsely populated west. There have been numerous incentives built to encourage investment in China's traditional western provinces. As a final result, the past few years have seen significant amounts of the country's manufacturing base move from your relatively well-developed eastern coastline for the far less developed european frontier.
For Adidas, the geographic focus for
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the next five years is going to be on penetrating lower rate cities. Historically, Adidas' growth has been primarily in tiers a single through three cities. As these cities commence to reach saturation, tiers several through seven cities can begin seeing rapid cash flow growth.
Therefore, Adidas may aggressively expand into all these lower tier cities that will capture the growing ability. We currently have about 7, 000 monobrand stores in about 600 metropolitan areas across China. By 2015, we
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will have stores throughout nearly 1, 500 Chinese cities.
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