The mainland's largest home appliance chain has opened its first store in Hong Kong with a $50 million investment in a bid to secure a share of the lucrative local market. The first Gome Home Appliances store covers 25,000 sq. ft over five storeys in a Mongkok building that formerly housed the Sincere department store. The company has 150 stores on the mainland, with revenue of 10.9 billion yuan (HK$10.22 billion) last year. The Mongkok store is the first step in Gome's expansion plan, with the company marking Hong Kong as a stepping stone into the international market. Gome plans to venture into Southeast Asia next. 'Hong Kong is an international city with many tourists,' said Li Juntao, general manager of Gome's buying centre. 'It also serves as a runway for us into other markets.' The company plans to open three to five stores and gain a 30 per cent market share in Hong Kong within three years. While its store in Hong Kong will sell both mainland and international brands, the international names will dominate. 'There will not be as many mainland products to satisfy the Hong Kong consumers,' said Wang Junzhou, general manager of Gome's Hong Kong division. One of the shop's first visitors yesterday was the head of Fortress, Hutchison Whampoa's electronics and appliance chain. 'We always visit our competition,' Fortress managing director Peter Dove said. 'There's room for competition as long as you give the customers what they want.' Fortress has 68 stores, with the largest one, in Times Square, covering 20,000 sq. ft. Other local chains include Broadway, which has 17 stores, and Tai Lin with 10. Tai Lin spokeswoman Mecky Fung Man-ki said it had marketing strategies to compete with Gome. 'We don't really know what kind of strategy Gome is using,' she said. 'It's not much different from other electronic stores and not much cheaper either. But for now this is good because other competitors were worrying about a price war.' Broadway could not be reached for comment. Gome's new store started operating on Monday and will officially open next month.