'Jusco $10 Plaza', a brand that has been popular among housewives and bargain hunters for 12 years, will only be a memory next month.
Aeon Stores (Hong Kong), operator of the 16 Jusco $10 Plaza stores in the city, said it would raise the price for all products tagged at HK$10 to HK$12 from next month.
At the same time, the stores would be renamed Jusco Living Plaza, another brand under the retailing operator.
Aeon said yesterday the main reason for the change was 'the persistently rising exchange rate of the Japanese yen in recent years', which put pressure on its operational costs.
The price increases would help it 'maintain the competitiveness and the flexibility of business operations' when sourcing goods from its Japanese suppliers, the company said.
The yen has been climbing since last year, gaining almost 20 per cent against the US dollar from a low point in May. With a strengthened yen, many retailers have complained about rising costs and some have raised their prices.
Supermarket operator Yata said earlier this year retail prices for fresh food sold in their shops were 8 per cent to 10 per cent higher than last year, and the price of beef imported from Japan was more than 10 per cent higher.