Even though Macy's (NYSE: M) is temporarily holding off on a Chinese e-commerce deal, the company contends it is not because of the country's struggling economy.
Instead, the retailer wants to better understand Chinese customers, Macy's spokesman Jim Sluzewski told The Wall Street Journal.
Last year, Macy's purchased a $15 million minority stake in Chinese e-commerce company VIPStore Co., and said it would sell a selection of its private-brand merchandise to Chinese consumers through a Macy's section on Omei.com. However, those plans are temporarily on hold.
China is now the world's largest online retail marketplace, having grown more than 70 percent annually since 2009, according to Bain & Co. However, even Chinese e-commerce firms are readjusting their strategies because of the country's economic slowdown.
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