Best Mart 360 shuns ‘war zone’ Hong Kong for mainland China in growth plan after protesters trash 75 of its 102 stores
- The popular snack-food chain, accused by protesters of having pro-Beijing affiliations, is expanding to the mainland to reduce its reliance on Hong Kong
- Its outlets have been attacked more than 180 times, according to chairman Lin Tsz-fung, who described it as a ‘very, very big blow’
Best Mart 360, which has had 75 of its 102 shops trashed or firebombed by hardcore protesters in the last six months, said it will expand to mainland China to reduce its reliance on the Hong Kong market and called on the government to launch an independent inquiry into the social unrest devastating the city.
The popular snack-shop chain is establishing a business entity to bring the expansion plan to fruition, with the first store in mainland China expected to open in the coming financial year.
“We are still studying the locations,” Lin Tsz-fung, chairman and founder of the beleaguered food vendor, told the Post. He declined to elaborate.
Lin said the company plans to open 15 to 20 stores in Macau in the next two years, in a separate interview with Bloomberg.
Best Mart’s shares have dropped 41 per cent on the Hong Kong stock exchange in the past six months as anti-government protests gripped the city, erasing HK$1.1 billion of the company’s market value. The broader Hang Seng Composite Index was little changed in that period. Lin expressed his frustration with the vandalism that has dogged his business and others perceived to have links with mainland China or an allegiance to Beijing.