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GERG News

2008.01.25

The nightview of facade ¨C Golden Eagle new store in Nanjing (upon completion)


Golden Eagle Opens its Second Store in Nanjing

(24 January, 2008 - Hong Kong) Golden Eagle Retail Group Limited ("Golden Eagle" or the "Company", together with its subsidiaries as the "Group"; HKEX stock code: 3308), a premium department store chain operator in the PRC, announced today that the Company has entered into a rental agreement with a lease term of 20 years to open the Nanjing Zhujiang Store, its second store in Nanjing City, therefore strengthening its leading position in Jiangsu Province. The new store has commenced its soft opening on 28th December 2007.

Nanjing Zhujiang Store is situated in Xuanwu District of Nanjing City, of which Nanjing's total retail sales of consumer goods was RMB 116.7 billion in 2006, representing a y-o-y increase of 16.1%. Disposable income per capita was RMB 17,538. The consuming power per capita and economic development speed are higher than the national average. Nanjing Zhujiang Store sites at 51-stories landmark building, which combined with high-end commercial facilities of international luxury hotel and 5A A-Grade offices. Neighboring on Nanjing University and Southeast University, the new store is situated on the bustling intersection of Zhujiang Road and Guangzhou Road. Right above the metro line, Nanjing Zhujiang Store is the first stop for people residing in northern Nanjing. This new store opening plan besides deepening the Group's market penetration in Nanjing, but also further strengthening the Group¡¯s leading position in the industry in Jiangsu Province.

The opening plan therefore signifies another milestone of the Group's expansion, after its announcement on new store opening plan in Huai An and Yancheng. Nanjing Zhujiang Store will further increase the Group's GFA by 22,780 sq.m. to 288,794 sq.m. Total operating area will be further increased by 16,300 sq.m. to 201,450 sq.m.

Commenting on the new store opening plan, Mr. Roger Wang, Chairman of the Group, said "Along with Kunming store which commenced its soft opening in August last year, and also Huai An Store and Yancheng Store which are going to open this year, the Group's retail network as well as penetration will further expand to eight cities in the PRC, this will also help leveraging our popularity in the PRC retail industry. Looking forward, we will adhere to our self owned property and M&A strategy to expand our store network and reward the shareholders with maximum returns by creating long-term corporate values."

 
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