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Daily News

China Retailer Gome Enters Hong Kong Market
Oct 31, 2003
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The largest chain-store operator of household goods on the Chinese mainland set up its first flagship store in Hong Kong. Gome Home Appliances is ploughing a total investment of more than HK$50 million (U.S. $6.4 million) into the venture.

"The newly-opened Gome home-appliance store in Hong Kong will be marked as the springboard for the company's overseas expansion plan," said Li Juntao, the purchase center general manager of Gome Home Appliances.

Along with international brands most favoured by Hong Kong consumers, the new five-storey Gome store is selling domestic brands as well. Mr. Li said the company is planning to list on the Hong Kong stock exchange, possibly next year. It aims to establish three to five chain stores in Hong Kong in the next 2 to 3 years, grabbing 20 to 30 percent market share.

Wang Junzhou, general manager of Gome's Hong Kong store, expected the store to generate HK$800 million ($76.9 million) to HK$1 billion ($128 million) in sales during the first year, with an estimated net profit rate of 3 to 5 percent. (China Daily)

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