Retail in Asia

In Shops

HK New World firms diverge in strategy

The retail arm of New World Development plans to expand aggressively in China, while its infrastructure company says it will tread cautiously in future acquisitions.

New World Department Store China, the retailer of the conglomerate controlled by Hong Kong tycoon Cheng Yu-tung, on Tuesday said it would add self-owned stores with a total gross floor area of 1 million square metres in the  mainland Chinese market over the next five years.

The retailer, with 35 self-owned stores as of December, plans to deepen its footprint on the mainland.

To view the full article (note: you must be an scmp.com subscriber), visit scmp.com. (From seven days after publication, this article will appear in Archive Search.)

(Source: scmp.com)