Macy's Joins Singles' Day Debutantes in Chinese Spending Spree
- Nov. 11 event set to eclipse 2014 record of $9 billion spent
- China online retail value seen to hit $1.6 trillion by 2020
Can Alibaba Beat 2014 Singles Day Sales Record?
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China’s shoppers will have even more online bargains to choose from when J Sainsbury Plc and Macy’s Inc. add to the foreign retailers bolstering Wednesday’s Singles’ Day offerings.
The retail chains, which have no physical presence in China, are joining Royal Ahold NV, Costco Wholesale Corp. and Askul Corp. offering promotions via Alibaba Group Holding Ltd.’s Tmall.com for the annual shopping bonanza. With additional merchandise and the growing popularity of e-commerce in China, this year’s event could defy an economic slowdown to eclipse the record 57.1 billion yuan ($9 billion) spent in 24 hours last year, Barclays Plc, Bocom International Holdings Co. and BNP Paribas SA said.