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"Despite challenges with COVID-19, 19 out of the top 22 companies in China grew their shopper base, demonstrating there are ample growth opportunities for even the biggest players," said Jason Yu, general manager of Kantar Worldpanel Greater China.

"Department stores should also increase the portion of their self-operated business, and avoid homogenization of brands. In fact, compared with the highly competitive retail industry in Japan and the United States, China's department stores have ample room for growth. There aren't any monopoly department stores taking top market positions yet," Wang said.

"Economic integration is beneficial to both sides, and I see no reason why we wouldn't step closer and better integrate," he said.

"Fast value, fast ideas, convenience. You don't go to a hotel for special cuisine; you go to all the new restaurants around the city. The same thing has happened in the West — but what took the West 100 years has taken China 10 years."

"Every dollar raised will go directly to meals, schools, uniforms and healthcare," she added.