One of UK's most upmarket department stores Harvey Nichols is opening its first Asian store in Hong Kong buoyed by the recent pick-up in the SAR's retail sector and the influx of high-spending tourists from the Chinese mainland.

Hong Kong businessman Dickson Poon, owner of Harvey Nichols, will open the luxury department store in plush Landmark in the heart of the Central commercial and financial district in late 2005. The five-level store occupying about 60,000 square feet is reported to coincide with the conversion of office space in The Landmark into a luxury boutique hotel.

The HK$100 million (US$12.8 million) project is funded entirely from internal financial resources at Mr Poon's Hong Kong listed company Dickson Concepts. Mr Poon said he had considered the mainland and other Asian countries before settling on Hong Kong because it is an ideal retail location for Harvey Nichols.    

"I am confident that the Harvey Nichols store in The Landmark will further reinforce Dickson Concepts' leading position in the retail industry in Asia and also provide significant returns as a major engine for turnover and profits growth," group executive chairman Poon said.

Dickson Concepts which specialises in distributing leading brands ranging from Polo Ralph Lauren clothing to Bulgari jewellery and watches and ST Dupont acquired the 200-year-old London store in 1991. Harvey Nichols has since opened branches in four other British cities in Leeds, Manchester, Edinburgh and Birmingham as well as a franchised store in Riyadh, Saudi Arabia.

Related link:
Harvey Nichols   www.harveynichols.com