Retailing, Franchising, and Consumerism Business Intelligence in China

Asiamart Will Open Luxury Store In Hong Kong

Asiamart will open a high-end retail store to offer luxury products aimed at more affluent tourists later this year.

In line with one of the three Hong Kong Tourism Board's 2007 initiatives promoting the "Honest & Quality Hong Kong Tour Programme," Asiamart's main focus will be on offering genuine luxury consumer goods of the highest quality, including watches and jewelry, aimed at Chinese tourists with higher disposable income. As a part of its plans for converting one of its locations into a high-end retail store, Asiamart will begin consolidating its three outlet stores into two locations beginning on March 15, 2007.

"The new store presents an outstanding opportunity to reach out to more well-off tourists, which we believe will increase our average sales per tourist," said Alex Yue, Chairman and CEO of Asiamart. "We are undergoing an intensive redesign of our new store which will give our valued tourists a fabulous high-end shopping experience."

Asiamart also announced the addition of Vokey mobile phones, a new collection of sophisticated, edgy hand-held phones. In Hong Kong and China, unlike in the U.S., mobile phone users have the option of purchasing minutes on prepaid SIM cards that can be easily plugged into the user's phone, instead of long term service contracts with carriers. This feature permits mobile phone makers to sell their phones to Chinese customers, who can use them in China with local SIM cards. Vokey, with its unique flashing message feature, has been well received by Chinese tourists — Asiamart has sold over 1,000 units per month through its stores since the product's launch in early 2007. Vokey has already become one of the best selling brands among Asiamart's products, and has a higher-than-average profit margin.

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