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GERG News

2008.03.19

Golden Eagle entered into agreement to manage Shanghai Shopping

(18 March, 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 in the PRC, announced today that it entered into a management consultancy agreement ("Agreement") with Shanghai Golden Eagle International Shopping Centre Co., Ltd. ("Shanghai Shopping") for a term commencing from 14 March 2008 to 31 December 2010. Pursuant to which the Company will provide merchandising services and management consultancy services for the daily operation of the Shanghai Shopping.

The management consultancy services will include consultancy on store planning and design, consultancy on merchandising mix, financial advice, marketing and human resources management.

Shanghai Shopping, situated at No 278, Shan'xi Road North of Shanghai, neighbours on Meilong Town Plaza, CITIC Square and Plaza 66. The store has a total floor area of about 40,000. sq.m., and is owned to 100% by Mr. Roger Wang through his controlled entities. The store was first launched in September 2004, it will be temporarily closed for renovation starting from May 2008 and re-launched by the end of 2008. The purpose of the renovation is to upgrade the overall store environment and the brand mix, which upon completion, the store will be positioned as a high-end integrated shopping center. Its tenants comprise a number of renowned international brands including GUCCI, BOTTEGA VENETA, TRUSSARDI and Y3, etc. Among which, GUCCI Group is planning to open a flagship store in Shanghai Shopping with an approximately floor area of 1,200 sq.m.

Mr. Roger Wang, Chairman of the Group, said, ˇ°We believe the Agreement is beneficial to the Group as it allows the Group to have a steady revenue inflow and to ensure that the value of the Shanghai Shopping is preserved and improved before injected to the Group. We are confident that, under our management and with the upgrading renovation, Shanghai Store's operational performance will be greatly improved."


When talking about the performance of the Group's existing stores, Mr. Wang said, "The Group is pleased to announce, during the Chinese New Year Holidays (from 1February to 7 February 2008), gross sales proceeds has reached RMB260 million, representing 28.7% increase from the corresponding period of previous year. Same store sales growth has also increased by 24.8%."


Company Information
Golden Eagle Retail Group Limited is principally engaged in the development and operation of a stylish, premium department store chain in the PRC. The Group's department stores are characterized by "shop-in-shop" and customer-orientated concepts which offer quality merchandise and services, convenient shopping, and a comfortable and pleasurable environment for shoppers. The Group's department stores are located in prime shopping districts in their respective cities. The Group has been focusing on cities with strong economic growth potential, and has less intense competition. The Group currently operates ten department stores in Nanjing, Nantong, Yangzhou, Suzhou, Xuzhou, Taizhou, Xi'an and Kunming. While the Group is growing in size, its portfolio of ten stores spans across a total GFA of over 288,000 sq.m.


For further information, please contact:
iPR Ogilvy Ltd.
Callis Lau/ Karen Tse/ Kent Lau
Tel: 2136 6952/ 2136 6950/ 21368059
Fax: 3170 6606
E-mail: callis.lau@iprogilvy.com/ karen.tse@iprogilvy.com/ kent.lau@iprogilvy.com


 
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