Business investments in China pour in because of the country's new economic policies. Business growth in the country is expected as a product of the country's flourishing tourism.
Creswick Woollen Mills is planning to invest in China to increase its growth. The company is a Victorian family business that operates for more than 70 years. The company has invested a great amount of investment in Creswick Woolen Fibres. It is a retail outlet in Melbourne' famous Block Arcade. Boaz Herszfeld, Co-owner of the company, stated that they are planning to produce products that capture tourist interest.
Herszfeld stated that their natural fibers are the best in the world and they are exerting much effort in producing exports through tourism.
The company is planning to widen their business in the Chinese market. Herszfeld said that one-third of his company's business came from business ties around the globe especially tourists from China and its surrounding neighbors.
The company is now reported to have grown to have a net worth of around $10 million in a year since the company was started by Paul Herszfeld in 1947. The company now includes eight retail stores including its original mill.
Creswick Wollen Mills now has partnered with Chinese distributors. However, its strategy is to connect with tourists as they pass through Victoria.
According to Boaz Herszfeld, the company is engaged in "relaxed retail" which means that the buyers are experiencing an enjoyable shopping experience where organized tourist groups and individual travelers will experience Australia through their business while bringing something Australian in their homes.
He said that they've heard of a lot of people saying that the retail business is dead, however, according to him, the truth is people expect something more from retail.
Creswick has its own Wechat Channel. They are also engaged with Chinese buyers and they have created its Block Arcade crusade with the intention of showing the world Australia's local goods.
There is another business that plans to do business with China. Tyro, a business-only bank, announced that they will be the first Australian Financial institution to integrate China's Alipay in their customer payments service.
The partnership means 20,000 customers will gain access to EFTPOS facilities with Alipay integration that will provide shoppers access to one' of China's most prolific payments system. The deal will help the company gain business growth and business expansion in the Chinese market. Data from the Australian Beuro of Statistics showed that tourists from China surpassed New Zealanders as the number one group of tourists in Australia in their April survey.
