Jewellery retailer Luk Fook is upping its ante in the retail market with further expansion planned for Hong Kong, Macau and mainland China.
Luk Fook says it plans to open four to five new stores in Hong Kong and Macau this year to take advantage of spending by visitors.
“We are planning to add one to two more shops in Macau, possibly in casino shopping space belonging to Galaxy, the Venetian Macao or Melco Crown,” said chairman and CEO Wong Wai Sheung.
“But that is not set yet. It may turn out eventually that these four to five shops will all be in Hong Kong.”
The jewellery retailer last month opened its largest flagship store in Macau.
Luk Fook said it is also optimistic about the purchasing power of the consumers in mainland China, where it has more than 1000 stores.
“We have already decided to open 200 more shops in the mainland, and this will be completed this coming year,” said the CEO.
He said mainland expansion will be aimed at third-tier cities where the jewellery competition is not yet intense.
“Customers in third-tier cities are not as keen as their peers in first-tier cities on buying diamonds. But they are fans of pure gold accessories, and their purchase quantities are quite large.”
