# tobacco

320,000 Down: China’s Smoke-and-Spirits Shops Shrink as Margins Vanish

A steep downturn in China’s dedicated tobacco-and-liquor shops has wiped out margins and closed roughly 320,000 outlets in 2025, reflecting shifts in consumer behaviour, channel strategies and pricing transparency. The result is a structural retail shakeout in which surviving businesses will need new models of service, niche focus or integration with digital channels to stay viable.