Jusco Stores plans to open integrated department stores in Shenzhen

Wong Mun Yu, finance and accountant director of Jusco Stores (Hong Kong) (0984), said the company now had about HK$200 mln cash in hand and had no liability, neither would it have finance necessity or laying off pressure in the coming year. The main expenditure of the company this year would be spent on the integrated department stores in mainland, said he. 

Wong Mun Yu also noted that the company had opened two department stores in Guangzhou, one of which saw over 10% growth of turnover in the first quarter of this year vs the same period of last year. For the time being, the company planned to open the similar department stores in Shenzhen together with a mainland companion. The department stores were expected to start business in the third quarter of 2002 with total investment capital of less than RMB100 mln.

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