There are two customers IKEA and AEON enter into the Mega Box.
AEON boss looks on bright side in Kowloon Bay
The Standard
Thursday, June 03, 2010
Chain store AEON (0984) is about to pump as much as HK$100 million into expansion in the second half of the year.
That was revealed yesterday as AEON opened a HK$30 million store at MegaBox in Kowloon Bay.
It aims to open one store in Dongguan and three to four supermarkets in Shenzhen and Guangzhou, said Lam Man-tin, managing director of AEON Stores (Hong Kong).
Another Kowloon Bay store is also on the cards. "Economic growth in Kowloon Bay is very strong and we believe the market in this area is large enough to support another three to four stores," Lam said.
On average, he added, new AEON stores break even within 18 months and generate profit within four years. He is confident, however, that the MegaBox store will perform better than that.
Lam warned that Hong Kong's retail sector - though robust in the first quarter - may slow in the second half. Still, he said, while sentiment might be affected by Beijing's curbs and turmoil in Europe, positive growth is expected.
With HK$1.9 billion cash in hand at the end of 2009, Lam said, AEON could comfortably commit to investment of up to HK$100 million for stores and supermarkets opening in the SAR and the mainland.
All 14 AEON stores in southern China have done better this year compared to 2009.
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