Watson, over 200 shops in Hong Kong, opened a 3-story 8000 sq-ft flagship store in prime tourist spot on 11 August.
In spite of sluggish HK retail market lately, CK Hutchison (0001.HK) seems it an opportunity to expand. A.S. Watson Group (Watson), CK Hutchison’s retail subsidiary, is optimistic to HK retail market and has opened the largest flagship store of the chain in Causeway Bay, the hottest tourism district in Hong Kong.
A.S. Watson Group, the health and beauty retail business of Hong Kong billionaire Li Ka-shing, has opened an 8,000 square-foot flagship store in Causeway Bay.
The new store is part of a HK$620 million investment plan that includes new shops and renovation of existing premises in about 80 Hong Kong locations this year, in addition to 76 last year, according to Victor Li, chairman of listed parent CK Hutchison Holdings.
Watson Group managing director Lai Kai-ming said the investment in the new store is a vote of confidence in Hong Kong’s future, the Hong Kong Economic reports.
The group has 12,000 outlets worldwide and plans to add 1,300 this year, or an average of three new stores a day, mainly in China and other Asian markets.
It is working with WeChat, the internet instant messaging service of Tencent Holdings Ltd. (00700.HK), to develop an online shopping business.