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B&Q, UK's largest home improvement retailer, announced today (October 24) that its first store in Hong Kong would open in early 2007. The store will be wholly owned by Hong Kong-based B&Q Asia Limited, a subsidiary of the Kingfisher Group. The project will involve total investment of more than HK$200 million and create about 200 new jobs for Hong Kong.
The new B&Q shop will take up 120,000 square feet over two floors in the MegaBox mall of Enterprise Square 5 in Kowloon Bay. MegaBox is Hong Kong's first vertical mega mall, with more than 19 storeys across 1.1 million square feet of retail space. A signing ceremony was held today to mark the co-operation between B&Q and MegaBox Development Co. Limited, a subsidiary of Kerry Properties Limited.
"We are delighted to be announcing this exciting expansion into Hong Kong. Hong Kong is one of the largest and most affluent markets in Asia and is a centre for retailing excellence. We believe a B&Q store here will benefit Hong Kong consumers by making home improvement more accessible," the CEO of B&Q Asia Limited, Mr Steve Gilman said.
The Executive Director & General Manager of MegaBox Development Co. Limited, Mr Tom Tong was delighted to welcome B&Q to join MegaBox, Hong Kong's first vertical Mega Mall which offered a unique concept in tenant mix. "The addition of B&Q is a key component in building our family-driven retail attractions," he said.
Mr Gilman said B&Q would be the first big box home improvement retailer in Hong Kong. It will offer a wide range of home improvement products, with more than 25,000 individual product lines available under one roof. B&Q will also provide quality services solutions, including installation and decoration services for apartment and room renovations.
Mr Gilman expects the new store to do well. "We not only hope to introduce our products, but also to bring in a new concept of DIY home improvement to the Hong Kong market. We are confident that our quality assured services and international and B&Q branded products, complemented by an inspirational environment, will excite and well received by local consumers," he said.
The Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Simon Galpin, warmly welcomed the investment by B&Q Asia in Hong Kong. "We at Invest Hong Kong are delighted to see this vote of confidence by a major European retailer in Hong Kong. We look forward to celebrating the grand opening of the new B&Q shop in 2007, and will continue to working closely with B&Q to facilitate their further expansion," he said.
B&Q is the number one Do-It-Yourself (DIY) retailer in Europe and the third largest in the world. With more than 60 stores opened internationally, including Beijing, B&Q employs more than 38,000 staff worldwide. For more information about B&Q, please visit the website at http://www.diy.com.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing all the support needed to establish a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Monday, October 24, 2005
Issued at HKT 16:00
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