Lam Wai-chun, founder of snack food chain 759 Store, is known for his many novel business ideas.
Not all of them work, so Lam is not shy about changing tack.
Just months ago, he revealed a plan to enter the convenience store and “12 dollar” markets.
When asked how many stores he planned to open, Lam’s standard reply was “as many as possible”.
He opened more than 10 such stores in February but there are only five left today.
Instead of having dedicated stores selling items for HK$12, some of Lam’s 759 Store outlets are designated “12 dollar” stores three weeks at a time.
These stores are then converted back to ordinary stores that principally sell snacks, according to Ming Pao Daily.
The practice saves rental costs and decoration expenses, Lam said. And the limited time frame helps maintain customer interest in “12 dollar” stores.
Lam has another new idea — sell Korean fashion alongside snacks.
Now people can buy handbags, hats, jewelry, even pajamas from South Korea in 759 Store outlets in Tai Po and Kowloon Bay.
The merchandising team is led by young female employees in their twenties.
“They know what young people like nowadays. They can make their own decisions without having to get my approval.”
But would people buy clothes next to a shelf heaving with snacks?
Surprisingly, more than 80 percent of female customers look around in the fashion zone, Chan Kwun-ho, head of the fashion department, said.
Most of the fashion and accessories are under HK$1,000 (US$129).
The company has been criticized for having too many different business lines.
But Lam is unfazed. He is quick to revamp his business strategy if he senses something is not working.
In other words, he is good at cutting his losses and moving on to the next promising thing.
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