WING ON Department Store is opening a big, new store in Hong Kong, even though its projection for retail business is cautious.
It signed an agreement yesterday to take up a total gross floor area of more than 100,000 square feet at a redevelopment project in Kowloon Bay.
The redevelopment, by the Mass Transit Railway Corp (MTRC) and New World Development, is in two parts - the Telford Gardens Extension and the MTRC Headquarters.
Wing On department store is the first anchor tenant for the project's retail centre.
Wing On managing director Russell Kwok said after the signing ceremony: 'We are confident of the outlook in the shopping arcade, because it will become the largest retail complex in East Kowloon.' The development will comprise a 14-storey twin tower of offices, with two storeys of offices on top of a retail centre with a total gross floor area of 330,000 sq ft.
With the existing shopping arcade, Telford Centre, the retail centre in Telford Gardens will have a total gross floor area of more than 600,000 sq ft after the extension has been completed by the end of next year.
Mr Kwok said the company's new store would replace the company's store in Telford Gardens, which has been open since 1989.
