Luxury-watch retailer Halewinner plans to nearly double its store count in Macau, while closing two in Hong Kong.
Most of the new stores will be in the Cotai Strip, where Sands China is opening its Parisian resort late this year and Wynn Macau is introducing the Wynn Palace.
Halewinner Watches Group chairman Karson Choi says the group is still going ahead with its major expansion plan this year, while the Cotai Strip is trying to diversify its image as a gaming mecca by putting a focus on luxury-brand shopping.
Choi’s father is billionaire Francis Choi, whose Early Light Industrial company makes toys for more than 30 brands, including Disney, Hasbro, Mattel and Wow Wee. it also owns properties in Hong Kong and is moving into consumer electronics and medical products.
Halewinner carries more than 40 brands, with its stock including a $200,000 Jaeger-LeCoultre and a $180,000 Blancpain. The Choi family acquired the watch retailer in 2010, when it had just seven stores. Now it has more than 30 outlets in Hong Kong, Macau and Mainland China. Sales at its Hong Kong stores dropped 30 per cent last year.
China’s economic slowdown and anti-corruption efforts have also affected Macau and its $30 billion casino industry, but visitor numbers rose 4.2 per cent last month, and tourists and families are the target of a range of new projects such as the Batman Ride..
While Halewinner’s 15 shops in Macau had a downturn last year, Choi is confident as it is the only city in China that offers gaming. The company plans to have more than 20 shops there by the end of this year, and is trying different methods to engage customers, such as wine-and-cigar parties to showcase new watches.
