Chinese logistics firm SF Express is reportedly closing its network of SF Best offline retail stores in major Chinese cities.
The move, which has seen the shuttering of the firm’s e-commerce and retail business SF Best, has been prompted by a slowing economy and thin margins in the sector. The brand was formally considered at the head of China’s e-commerce wave.
Just two years ago, SF Best announced plans to open 10,000 outlets within three years. Its aggressive offline expansion plans, however, saw heavy retail losses and a high turnover in management that sent the firm into a dive.
A spokesperson for the firm announced that it is currently undergoing restructuring and plans to ramp up operations in Beijing and southern China before further expansion. It is also working to strengthen its online brand.