Lifestyle International Holdings Ltd. (01212.HK) expecting this year to be even more challenging than 2003, when the SARS pandemic hit the city, the Hong Kong Economic Journal reported Tuesday.
Thomas Lau Luen-hung, chairman of the firm, which operates the Sogo department stores in the city, said sales in the first quarter were worse than in the same period last year, and the first half of this year is likely to remain sluggish.
Lifestyle is considering a change in its brand porfolio and restructuring of the product mix and distribution inside the stores to increase its competitiveness, Lau said.
The department stores will continue to hold a thanksgiving week promotion twice this year.
Lau expects Sogo’s same-store sales to bottom out in the second quarter or second half of this year.
Same-store sales in January and February were disappointing, he said.
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