China's top snack brand has landed in New York, just in time for Chinese New Year.
Bestore, a snack chain store, is featured on the giant display in Times Square, inviting global manufacturers and suppliers of high-quality snacks to jointly develop the Chinese snack market and provide Chinese consumers with the chance to try more snacks from around the world.
Foreign snacks are gaining popularity in China. It's important to note, because the snack market in China is at RMB 1.3 trillion ($198 billion) and growing by 20 percent every year. On Tmall, China's largest e-commerce platform, the sales of food categories far surpass the average overall growth of Tmall's business.
Bestore provides a new avenue for foreign suppliers to break into the Chinese snack market. The emergence of cross-border, e-commerce and specialized chain stores like Bestore mean foreign products can bypass agents and diversify their channels of sale.
And Bestore is itself a rapidly growing chain. Founded in 2008, it now holds twice the market share of its closest competitor. In 2015, its sales of imported snacks reached almost RMB 400 million ($61 million). It sells more than 1,500 kinds of snacks and operates 1,700 chain stores and 37 online sales channels. By the end of 2018, it plans to have more than 5,000 stores in China over 16 provinces.
Since its founding, Bestore has continuously searched for suppliers who provide high-quality raw materials and excellent snacks. New York's Times Square, with its reputation as "the crossroads of the world," is a showcase for the world's top brands. This year, Bestore is one of 100 Chinese brands to appear in Times Square, raising international attention and discussion about Chinese enterprises going global.
With its consolidated channels and operating capabilities in the Chinese market, Bestore contends that purchasing products directly from abroad can cut down on middlemen and yield a win-win situation.