Yitian Spring Festival Good Business Same Store Sales Increase 16%

The consumer market in Hong Kong continued to improve. Huang Sili, chief executive of Yitian Department Store, said that during the Spring Festival period (February 1 to 19), the overall sales of same stores increased by 16% over the same period of last year after deducting Shatin store renovation and new stores. Among them, Tsuen Wan and Tai Po had the best performance, both rising by 20%.

Last year, four supermarkets in one field opened in succession, which led to a year-on-year increase in supermarket sales of 12% last year. In department stores, business was similar to that of the previous year after deducting Shatin store decoration. The increase in business sales was mainly driven by the festive atmosphere. In addition, the introduction of bank credit card incentives by Yi Tian significantly increased consumer sentiment in the market, resulting in an increase in both flow and turnover.

If the yen continues to strengthen the goods or increase prices

She stated that after the Kwai Fong Store was opened in January, it did not open a new store plan this year and would concentrate its resources on promoting new store sales and renovating old stores. Among them, the Tianyi Tai Po branch spent 15 million yuan to carry out renovation and upgrading projects, including new ones. The BB concept zone also increased the number of cosmetics merchants and increased the number of makeup counters from 8 to 11 to make consumers more choices. She expects the store to be reopened on April 29th. As for the Shatin shop being renovated, she expects to complete the first phase of the project in the third quarter of this year and to cooperate with the mall for the second phase of the project. It is believed that the shop will be completed in 2019.

Recently, the appreciation of the yen, she pointed out that Yitian Department Store has 60% of goods from Japan, the fluctuation of the yen can increase or decrease the company’s cost by 10%. She pointed out that the company still suffers from the appreciation of the yen and the goods do not need to increase their prices temporarily. If the yen rises too quickly and the Hong Kong dollar weakens again, there will be pressure for fare increase.