Date
20 September 2017
Sales at the Sogo store in Causeway Bay grew in October and November despite the Occupy protests nearby. Photo: HKEJ
Sales at the Sogo store in Causeway Bay grew in October and November despite the Occupy protests nearby. Photo: HKEJ

Qatar fund may raise stake in Sogo operator

The Qatar Investment Authority may soon increase its investment in Lifestyle International Holdings Ltd. (01212.HK), the Hong Kong Economic Journal reported Tuesday.

The operator of Sogo department stores in Hong Kong and the mainland experienced little impact from the Occupy protests near its branch in Causeway Bay, the report said, citing the company’s chief financial officer, Terry Poon Fuk-chuen.

Sales at the store grew in the two months to Nov. 30 despite the protests, Poon said. 

The increase was partly due to the extension of a promotional period to 17 days from the 10 days originally planned. 

Qatar’s sovereign wealth fund bought a 19.9 percent stake in Lifestyle for HK$4.78 billion (US$616.55 million) in October, when the Occupy protests were at their peak.

Poon expects single-digit percentage growth in the retail market in Hong Kong next year, after a slowdown in growth this year. 

Lifestyle is considering setting up new Sogo branches, possibly in the New Territories, where rents are lower, he said. 

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VW/JP/FL

Freelance journalist

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