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"Carrefour is seeing more recovery lately, as they are making efforts to move from (a) hypermarket only model to a multi-format strategy by opening more Easy Carrefour and launching compact hypermarkets," said Jason Yu, general manager of Kantar Worldpanel. However, on e-commerce, Walmart and RT-Mart are likely to get upper hand with the JD and Alibaba alliance," he said.

"China has been bolstering its opening-up and we have seen the attractiveness of the Chinese market multiply. Enterprises from developed countries are bound to earn greater profits as the country highlights domestic circulation as the mainstay," Ding said.

"But we do not envisage a major shift toward significant stimulus in the second half, unless the external environment worsens more substantially," said Louis Kuijs, head of Asia Economics of Oxford Economics.

"By reinforcing their moats, industry leaders will become even stronger, and the sector will present a higher competition threshold, and the market centralization will become more obvious," said Neil Wang, president of Frost & Sullivan China.

"But the key thing is that your architecture have to be competitive," said An.