Based on 44 retail listed companies during 1997 to 2009, this paper analyzes the effects of ERP implementation on list companies by adopting Wilcoxon Signed Ranks Test and Panel data analysis. The results show that financial performances become better at the current year and one year after ERP implementation. Financial performances are becoming worse at the second year and getting better at the third year. Operational performances become worse at the current year and one year after ERP implementation. In summary, ERP implementation has a better effect on financial performances than operational performances; it can’t improve retail enterprise performances significantly. There is no “productivity paradox of Information Technology” in retail industry of China.