Hong Kong Television Network Ltd. (01137.HK) has taken over the MTR subway to make sure commuters don’t miss its new venture.
The media flagship of entrepreneur Ricky Wong rented all 3,268 billboards in 51 train stations to promote HKTV Mall, an online shopping business.
The move is part of a HK$30 million (US$3.87 million) advertising campaign that includes newspapers and radio, according to the Hong Kong Economic Journal.
Wong said the MTR billboard promotion cost at least HK$10 million, possibly the largest single advertising deal for the railway operator.
HKTV Mall prices for certain products are 59 percent higher than those in PARKnSHOP and Wellcome, Hong Kong’s two largest supermarket chains.
Wong said the company has no plans to lower the selling prices of its products or carry parallel imports, adding it wants to maintain a sustainable business.
However, it will offer rebates and free delivery, he said.
PARKnSHOP said its business has not been affected by the entry of HKTV Mall, citing strong grocery sales.
Meanwhile, CEC International Holdings Ltd. (00759.HK), which operates 759 Store, has slashed its prices, a move Wong described as an attempt at cutthroat competition.
– Contact us at [email protected]