Best Buy Tokyo, a new retail brand created by Best Buy Sanin, an affiliate of Best-buy in Osaka, opened its first store in Hong Kong.

Located at the Apita Japanese department store in Taikoo Shing, Best Buy Tokyo offers branded goods at more affordable price points. Best Buy Asia Pacific is the Hong Kong company set up to oversee the new brand.

The company aims to open five shops in Hong Kong and one in mainland China by 2014 and extend its second-hand trading to include clothing and household electronics by 2013.

“We are one of the leaders in the recycling business in Japan and we want to make use of Hong Kong’s strategic location to strengthen this culture in Hong Kong and other parts of Asia,” said Kagayaki Goda, MD of Best Buy Asia Pacific.

“Hong Kong, as the platform to gain access to the mainland market and with its geographical proximity to Japan, is the right location for Japanese companies such as ours to have a better understanding of the Chinese market as well as to strengthen our brand image before we expand to the Mainland and Asia,” he added.

In the long run, the company will make Hong Kong the regional headquarters to support its expansion to other Asian countries, including mainland China, Singapore, Malaysia and Thailand, and manage its direct investment and franchised business operations in the region from the city.

With Hong Kong as a free port with no import and export tax, it is more cost-effective for overseas companies, like Best Buy Asia Pacific, to move their goods between home countries and Hong Kong, says Andrew Davis, associate director-general of Investment Promotion.

Best-buy is a retailer of second-hand branded handbags, jewellery and watches in the west Japan region. It offers new as well as second-hand branded items from Japan.

GB