Jewellery and watch retailer Chow Tai Fook plans to double its outlets on the mainland to 2,000 in the next decade, with half of the new shops located in small cities.
The Hong Kong-based company, which is privately held by tycoon Cheng Yu-tung, opened its 1,000th store on Qianmen Street in Beijing yesterday.
Managing director Kent Wong Siu-kei said the jeweller would open another 1,000 outlets on the mainland before 2020.
Half of them will be in first- and second-tier cities, with the rest to be located in third- and fourth-tier cities close to rural areas.
'The market [in smaller cities] is vast considering the growing revenue in rural areas and the central government's continuous efforts to drive up domestic consumption,' he said.
Chow Tai Fook, which began as a small jewellery shop in Macau, has become the biggest jewellery retailer in the nation under the leadership of Cheng, who is also chairman of New World Development.
