Chinese retailer China Resources Enterprise (CRE) has earmarked investment of HK$330m (US$42.3m) to ramp up its investment in its Hong Kong supermarket operations over the coming two years.
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Around 30 new stores will be added to the existing 73 by the end of next year, while HK$180m will also be spent on upgrading stores already in operation. “We want to improve the image of our supermarkets, making them modern and fashionable,” said Raymond Chan, China Resources Supermarket (Hong Kong) director and deputy general manager.
The company is taking steps to ward off competition from local rivals ParknShop and Wellcome. Just yesterday, ParknShop said it was planning to open eight new superstores (click here for more details) and both groups have launched aggressive pricing campaigns.
All three groups are currently operating special promotions whereby senior citizens can get a discount on goods bought before noon.
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By GlobalData
