Self-described ‘leisure-food retailer” Best Mart 360 expects to more than double its profit for the year to March 31 as it shook up its product mix during the ongoing Covid crisis.
The Hong Kong-listed retailer has spent the past two years expanding its range from a core of confectionery and convenience foods into other traditional FMCG categories.
The company has expanded its offer of frozen and chilled foods, sauces and condiments, Chinese delicacies, dairy products and alcoholic beverage categories to meet market demand and changes for these daily household food products during the pandemic.
In a brief statement this week predicting an increase in profit of “not less than 110 per cent”, the company said the group’s improved operational efficiency through moderate expansion policy and appropriate rental strategy had also played a role.
Best Mart 360 ended the financial year with 136 retail stores in 18 districts of Hong Kong, Macau and Shenzhen, including its new Foodville concept, a gourmet grocery brand launched last year stocking medium to high-end foods.
Early last year, the company set up a wholly-owned subsidiary in Shenzhen and relocated Hong Kong staff to open an office in the city’s Futian district as part of a forway into the mainland. It also started to prepare to wholesale food and grocery products into Southeast Asian markets.
In a release last year, the company said it sold some 3000 SKUs from 900 brands.