Sporting giant Adidas has revealed that its business in Greater China returned to growth, yes growth for the month of May!
In an update to the market, Adidas revealed that all stores within the region have been since mid-April. However, footfall to stores has understandably remained low. But it claims that ‘targeted efforts’ in May to ‘revitalise retail’ has led to improvements since stores re-opened.
So where did all this growth come from? Better sales conversation rates due to targeted retail efforts and of course ‘exceptional growth’ of its e-commerce business have driven an earlier expected return to growth.
As retailers across the globe begin to slowly re-open, no doubt that they will be looking to understand a little more about how Adidas managed a better in-store conversion to offset reduced footfall.
Across its global network, Adidas confirmed that many stores have resumed operations including three quarters of stores in Europe. However, the opening rates in North America and Latin America are still well below 50%.