Leading Japanese retailer opens first overseas store in Hong Kong
One of the top Japanese retailers of home furnishing products, BALS Corporation, today (May 15) opened its first store outside Japan - the Franc franc lifestyle concept store in Causeway Bay.
The store, which offers home furniture and furnishings, decorative accessories and personal care products, represents a substantial investment in Hong Kong's retail sector. It is operated by BALS Hong Kong Ltd, which acts as the regional headquarters (RHQ) of BALS Corporation.
Set up in November 2002, BALS' RHQ in Hong Kong is responsible for developing all retailing, investing and franchising businesses outside Japan.
The President and Chief Executive Officer, Mr Fumio Takashima, said Hong Kong's mature and sophisticated market was one of the key attractions for the company.
"People here have relatively high levels of disposable income, combined with a high expectation for both quality and style when shopping for home furnishings," he said.
Mr Takashima said Hong Kong's location and excellent business infrastructure made it an ideal gateway to the Mainland market where BALS plans to establish operations in about two years.
The Franc franc store in Hong Kong will create more than 40 new jobs.
The company also plans to open four more stores in Hong Kong over the
next two years in a $30 million investment programme.
The Associate Director-General of Investment Promotion at Invest Hong
Kong, Mr Simon Galpin, said Invest Hong Kong was extremely pleased by
BALS' investment.
"This continued interest in Hong Kong by international investors confirms that we retain the many attractions that make us a business and financial hub, as well as the preferred location for overseas companies to establish RHQs," he said.
"With its regional central command in Hong Kong, Franc franc will now be able to make full use of our institutional strengths and strategic location as an ideal platform for retail, distribution and management," Mr Galpin said.
End/Thursday, May 15, 2003
