Analyzing the latest annual reports of Shanghai’s three long-standing department store companies – Jiubai, Xujiahui, and New World – all of them have experienced a significant decline in their performance. Specifically, Shanghai Jiubai’s revenue fell by 30.51% year-on-year, and net profit attributable to the parent company fell by 48.95%. Xujiahui’s revenue fell by 22.33% year-on-year, and its net profit attributable fell by 76.30%. New World’s revenue in 2022 fell by 27.07% year-on-year, and its net profit
