bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Denise Tsang

Shoe-chain operator Mirabell International Holdings is expanding in Hong Kong to take advantage of lower rents, according to chairman Tang Wai-lam.

 The company sells shoes under the store names of Joy & Peace, Mirabell and Teenmix, which was launched in March.

  Another chain focusing on classic women's shoes is in the pipeline.

 Mr Tang said the company would like to start up this chain through the acquisition of shoe retailers.

 'It's much cheaper to expand now, with rental rates going down so much in the last year,' he said yesterday after the company's annual general meeting.

 Mirabell International closed nine of its 60 outlets of Joy & Peace and Mirabell stores during the second half of last year, a period which Mr Tang described as 'the darkest days of the retail sector'.

 However, the property market has stabilised this year, and the company has increased the number of Joy & Peace and Mirabell stores to 66.

 At present, Teenmix has six outlets, and the company plans to open another four by the end of the year.

 To facilitate expansion, the company spent $14.08 million for a new 26,000 square foot new headquarters in Kwai Chung.

 'We're taking advantage of cheaper property prices but we are not interested in speculating on any properties,' Mr Tang said.

 With cash of $90 million on hand, Mirabell International had sufficient funds to finance expansion, he said.

 The company would soon make a decision on whether to turn 25 mainland outlets into franchisees, he said.

 'The mainland operations have been doing well, and were profitable for two consecutive years since we went there in 1997,' he said.

 'But the profit margin is not as fat as in Hong Kong.'  Mirabell International's attributable profit for the year to February 28 dropped 7.8 per cent from a year earlier to $26.59 million.



Low rent rates aid Mirabell growth