Guang Baihao, chairman of LifeZtore, says that the company will invest RMB30 million to open 7 LifeZtores in Hong Kong, following the opening of the LifeZtore Olympian City store on December 1. In the meanwhile, they will further expand into Shanghai and open more stores in mainland China in the future.
LifeZtore is a home furnishing concept store in Hong Kong which targets middle class customers.
Guan says that the products in LifeZtore are positioned to be top end with their European design. He says that the reason for the expansion of Hong Kong-based chain stores in mainland China is that less tourists visit Hong Kong at present. Besides, the rent in Hong Kong for stores is much higher than before which causes great pressure to retailers.
Guan says that many Hong Kong retailers choose Beijing, Shanghai, Hangzhou or Chengdu to be their first stop because the brand products from Hong Kong are favored by the customers there.
LifeZtore belongs to Cash Retail Management Group Limited, a subsidiary of Celestial Asia Securities Holdings Limited in Hong Kong. LifeZtore already has one store in Zhabei District, Shanghai.