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Tuesday, 6th April 2004 (6491 views)

A major Hong Kong jewellery retailer has posted positive profit growth as part of a huge increase in the country's retail sales.<BR/><BR/>Chow Sang Sang which has 40 stores across Hong Kong saw an approximate rise of 14 per cent in first-quarter sales as overall retail sales saw the largest growth for a year.<BR/><BR/>Vincent Chow, general manager of the jewellers explained to Bloomberg that retail sale growth was "mainly due to the improved economic climate and an increased number of tourists".<BR/><BR/>"If such factors as deflation and the property market continue to improve, the public will likely spend more," Mr Chow added.<BR/><BR/>The increase in consumer spending has prompted companies such as Chow Sang Sang to expand and create more jobs as well as stopping long-running discounts that are no longer needed.<BR/><BR/>Additional expansion plans include a proposed new Chow Sang Sang store in Hong Kong Disneyland within the next two years and a new Bulgari 1,400 sq ft watch and jewellery store in Seibu.

 

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