Guangzhou sees sharp rise in retail sales

Retail sales of consumer goods in Guangzhou, the capital of Guangdong province, increased 15.9 percent year-on-year to reach about 442 billion yuan ($72 billion) in the first eight months of the year, according to a report.

The strong domestic consumption has helped maintain stable development of the rental market for retailers in the first half of the year, a report by international property consultant Colliers International said.

Following the strong performance of the retail market, a number of high-end retail brands, including the United States-based GANT and Britain's Aston Martin opened stores in Guangzhou in the third quarter.

However, Chen Houqiao, chief analyst with Colliers International (Guangzhou), said international retailers will take a cautious approach to opening new stores in China as the domestic and global economy slows down.

"Luxury brands will suspend expansion in China's key cities including Beijing, Shanghai and Guangzhou as a slowdown of the country's economic growth is expected," Chen said.