Tuesday, 6th April 2004 (4459 views)

A major Hong Kong jewellery retailer has posted positive profit growth as part of a huge increase in the country's retail sales.

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.

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".

"If such factors as deflation and the property market continue to improve, the public will likely spend more," Mr Chow added.

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.

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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