Largest home electrical appliance retailer to open business in HK

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Last updated at: (Beijing Time) Tuesday, October 28, 2003

Largest home electrical appliance retailer to open business in HK

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China's largest home electronic appliance retailer the Gome Home Appliances will open business in Hong Kong in November, its first store outside the mainland, General Manager of Gome's purchase center Li Juntao said at a press conference here Tuesday.

The store to be open in Mongkok involves an investment of 50 million HK dollars (6.4 million US dollars) and covers an area of 2,500 square meters, according to Li.

Gome's Chairman Wong Kwong Yu said, "We are very pleased to establish our first foothold in such an international metropolis, aiming to capture 30 percent of the market share within the next few years. This store will serve as a stepping stone for building Gome's worldwide network."

Meanwhile, Associate Director-General of Investment Promotion at Invest Hong Kong John Rutherford, said that more and more international and mainland retailers were entering the Hong Kong market, opening additional shops or upgrading their presence by setting up large-scale flagship stores.

"Gome's investment illustrates Hong Kong's appeal as a springboard to regional and global markets, as well as providing access to experienced local and multinational business partners and service providers. Hong Kong's multicultural consumer market also provides an excellent testing ground for mainland products," he added.

Gome Home Appliances was founded in Beijing in 1987. It is the largest chain store for household electrical appliances in Chinesemainland, consisting of 150 superstores.

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