An auction of snack booths for next year’s Lunar New Year Fair in Victoria Park drew record bids Monday, suggesting that vendors remain upbeat about sales prospects during the holiday despite an overall sluggish retail environment in the city.
The biggest stall on offer, which covers around 35 square meters, went for HK$630,000, about 80 percent more than the floor price.
The food stall, which will be near the exit to Sugar Street in Causeway Bay, was bagged by Club One, Metro Daily reported.
It marked the third straight year that Club One took the fair’s biggest stall.
“The price has gone beyond our expectation,” said Wong Fuk-wah, managing director of the wedding banquet and restaurant group.
Though the company is not certain about the return on the investment, it decided to make a strong bid as it wants to keep promoting its brand, he said.
Two smaller fast food stalls went for HK$450,000 and HK$460,000 respectively, also marking new highs for stalls of such size.
Wet goods stalls also drew strong demand. Chiba Garden win a bid for 16 booths for HK$280,000, HK$50,000 higher than that recorded last year.
A bidder surnamed Lau, who plans to sell peach blossoms, said he spent HK$80,000 on four stalls. In the previous year, those stalls would have cost him just HK$40,000, the person said.
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