Tao Heung Holdings Ltd. (00573.HK), Vitasoy International Holdings Ltd. (00345.HK) and other players in the food and beverage sector are engaging in promotional campaigns to lure consumers in a lackluster market.
Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, said these efforts have become possible because more landlords are willing to lower rents at renewal by an average of 10 percent, which alleviates part of the pressure on margins, the Hong Kong Economic Journal reported Friday.
Traditional Chinese restaurant Tao Heung has been offering a chicken dish for HK$1 (13 US cents) since last month, chief executive Leung Yiu-chun said.
The gimmick, first introduced in 1998, has driven up the restaurant’s revenue by 15-20 percent.
Vitasoy is launching a new Hong Kong series of packaged drinks next month, chief executive Charles Chyi said.
And Ajisen China Holdings Ltd. (00538.HK) has introduced a membership scheme that offers a 10 percent discount for dine-in customers.
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