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As the e-commerce industry eats into brick-and-mortar stores,retailers consider gearing up for a deal By Deng YaqingThree years ago,Wang Jianlin,Chairman of Dalian Wanda Group Corp.and the owner of China’s largest department store chain,made a bet with Jack Ma,founder of Chinese e-commerce company Alibaba Group,at the2012 CCTV China Economic Persons of the Year award ceremony.“If e-business manages to take up 50percent of China’s retail market by 2022,I will be most willing to lose 100 million yuan($16 million)to Jack Ma,and vice versa,”said Wang,incarnating the war between offline and online retailing in the country.Yet online sales have experienced dramatic growth in the past two years.In 2014,the e-retailing transactions in China totaled
As the e-commerce industry eats into brick-and-mortar stores, retailers consider gearing up for a deal By Deng YaqingThree years ago, Wang Jianlin, Chairman of Dalian Wanda Group Corp.and the owner of China’s largest department store chain, made a bet with Jack Ma, founder of Chinese e-commerce company Alibaba Group, at the2012 CCTV China Economic Persons of the Year award ceremony. “If e-business manages to take up 50percent of China’s retail market by 2022, I will be most willing to lose 100 million yuan ($ 16 million) to Jack Ma, and vice versa, ”said Wang, incarnating the war between offline and online retailing in the country. Yet online sales have a dramatic surge in the past two years. In 2014, the e-retailing transactions in China totaled