Sale in Shenzhen attracts thousands of HK shoppers
Thousands of Hong Kong shoppers rushed across the border to a Shenzhen department store last week when it offered $50 cash back for every $100 spent.
However, SAR industry spokesmen are hopeful the stampede does not signal the start of a growing trend.
Instead they say the dash to the Moi Department Store simply reflects Hong Kong people's inability to resist a bargain.
One of the store's managers, Gu Changli, said the offer which ended on Thursday was to 'create a cheerful atmosphere to mark the historic 16th Communist Party Congress'.
It attracted one million shoppers over its four-day duration, 8,000 of them from Hong Kong, according to a mainland newspaper. Two-hundred security guards kept customers under control.
Yu Pang-chun, chairman of the Hong Kong Retail Management Association tried to play down the significance of the sale. 'This was just a promotion like Hong Kong shops have promotions - but the association has always been concerned about people going to Shenzhen,' he said.
There would always be competition but once the novelty had worn off, SAR shoppers would realise Shenzhen's lower prices were matched by Hong Kong's better quality and brands, he said. 'As for whether this will turn into a vicious price war, we hope not but we are watching it,' he added. 'We are confident we can compete against it.'
Hong Kong Tourism Board spokesman Simon Clennell pointed out that the number of mainlanders coming to Hong Kong was growing faster than the flow in the other direction.
The growing number of tourists was mostly due to the mainland's relaxation of travel restrictions to Hong Kong this year, he said.
However, Ian Perkin, chief economist at the Hong Kong General Chamber of Commerce said the increase in mainland visitors had yet to have an impact on retail spending figures.
Mr Yu said: 'We appreciate the government liaising with the mainland to get more tourists for Hong Kong.
'The two-way flow is much more balanced and we will see the benefits soon.'
