Guomei taps Hong Kong market
26/9/2003 17:56
The Beijing Guomei Electrical Appliance Co Ltd, the largest home appliance
retailer on the Chinese mainland, will open its first Hong Kong outlet in
Mongkok by the end of next month, eastday.com reported yesterday.
"Guomei's
foray into the Hong Kong market aims to claim 30 percent of the local home
appliances market within two years, and open at least three stores there, each
with an annual sales volume of one billion yuan (US$120 million) and gross
profits of three to five percent," said Wang Junzhou, general manager with the
Hong Kong Guomei Electrical Appliances Co Ltd.
The Hong Kong outlet will be
over 2,000 square meters, larger than other home appliances hypermarkets in the
city.
To date, Beijing Guomei Electrical Appliance Co Ltd has 150 outlets in
21 mainland areas, with annual sales volumes of more than 10 billion yuan.
Guomei has ranked the third among domestic chain-business companies with 8.5
billion yuan in sales volumes in the first half of this
year.
Wendy Zhang/ Shanghai Daily news
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