Shanghai Web shop is closed
Shanghai's first Internet retailer, Shanghai Yixiang Shopping Centre, has closed due to financial constraints at its non-Internet parent company, according to a newspaper report.
The on-line shop operated for about 18 months. Its similarly named parent, a department store, was undergoing a financial reorganisation, the China Economic Times reported.
But weak sales led to the demise of the Net store, which the newspaper said had attracted about 32,000 visitors since it opened in October 1997.
Only several dozen sales had been completed, involving total transactions worth less than 100,000 yuan (about HK$93,100).
Items purchased on-line reportedly were more expensive than if they were bought in the physical shop, because of shipping charges, the newspaper reported.