International Housewares Retail Co. Ltd. (01373.HK), which operates household retail chain Japan Home, is looking to Singapore to boost sales growth, the Hong Kong Economic Journal reported Monday, citing chairman Peter Lau Pak-fai.
The company, which already owns 50 shops in Singapore, is planning to double that number in two years. It has 241 outlets in Hong Kong.
The move is part of a plan to cut the sales contribution of Hong Kong to 85 percent from last year’s 89 percent and boost those of Singapore and Macau, taking advantage of their high per-capita incomes, Lau was quoted as saying.
Also, the company has signed a provisional agreement with a United States retailer to open five Japan Home stores on the east coast in three years.
It is exploring opportunities in a retail platform being launched by Hong Kong Television Network Ltd. (01137.HK), the report said.
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