03 September 2012

Japanese retailer Best Buy Tokyo opens its first store in Hong Kong

03 September 2012 - Best Buy Tokyo, a new retail brand created by Best Buy Sanin Co Ltd, an affiliate of Best-buy Inc in Osaka, opened its first store today, to leverage Hong Kong’s strategic location at the heart of Asia and extend its reach in the region. 

Best Buy Tokyo is located at the Apita Japanese department store in Taikoo Shing and is offering branded goods at a more affordable price. Best Buy Asia Pacific Ltd is the Hong Kong company set up to oversee the new brand. The brand aims to open five shops in Hong Kong and one in Mainland China by 2014 and extend its second-hand trading to include clothing and household electronics by 2013. 

The Managing Director of Best Buy Asia Pacific Ltd, Mr Kagayaki Goda, said “We are one of the leaders in the recycling business in Japan and we want to make use of Hong Kong’s strategic location to strengthen this culture in Hong Kong and other parts of Asia. 

Hong Kong, as the platform to gain access to the Mainland market and with its geographical proximity to Japan, is the right location for Japanese companies such as ours to have a better understanding of the Chinese market as well as to strengthen our brand image before we expand to the Mainland and Asia,” he added. 

In the long run, the company will make Hong Kong the regional headquarters to support its expansion to other Asian countries, including Mainland China, Singapore, Malaysia and Thailand, and manage its direct investment and franchised business operations in the region from the city. 

The Associate Director-General of Investment Promotion, Mr Andrew Davis, welcomed Best Buy Tokyo’s debut in Hong Kong and said, “With the high demand for luxury branded goods from locals and international visitors, there are huge opportunities for second-hand branded goods retailers to set up in Hong Kong. Also Hong Kong is a free port with no import and export tax, so it is more cost-effective for overseas companies, like Best Buy Asia Pacific Ltd, to move their goods between home countries and Hong Kong.” 

Best Buy Tokyo is the overseas brand created by Best Buy Sanin Co Ltd, an affiliate of Best-buy Inc Headquartered in Osaka. Best-buy Inc is a leading retailer of second-hand branded handbags, jewellery and watches in the West Japan region. It offers branded goods at a more affordable price and will buy and sell new as well as second-hand branded items from Japan. 

Invest Hong Kong (InvestHK) is the department of the Hong Kong Special Administrative Region Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong’s vibrant economy. As at June 2012, InvestHK had completed over 2,600 investment projects, creating more than 30,000 new jobs in the first year of operation or expansion and HK$67 billion of investment. 

Source: InvestHK