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Yancheng Store Commences Operation

(29 December 2008 - Hong Kong) Golden Eagle Retail Group Limited ("Golden Eagle" or the "Company", together with its subsidiaries, the "Group"; Stock code: 3308), a premium department store chain in the PRC, announced the soft opening of "Yancheng Golden Eagle Shopping Center", on 28 December 2008. The new store achieved gross sales proceeds of around RMB4.2 million on the first day, which was a record high in daily gross sales proceeds during soft opening among its department stores.
Located in Yancheng City of Jiangsu Province, "Yancheng Golden Eagle Shopping Center" is situated at the business hub of the Jianjun Road Square business circle and is the first high-end department store of the city. In 2007, Yancheng City recorded a GDP of RMB136.8 billion and total retail sales of consumer goods of RMB43.25 billion, representing year-on-year growth of 15% and 17.6% respectively. Disposable income per capita for urban citizens reached RMB13, 857.
"Yancheng Golden Eagle Shopping Center" has a gross floor area ("GFA") of 62,000 sq. m., accommodating a variety of business formats, including department store, restaurant, beauty treatment and cinema etc. It attracts approximately 500 domestic and international brands, among which around half of them are brands that first entered Yancheng. Diversified business formats and an extensive brand portfolio will provide consumers in Yancheng City with lifestyle and innovative shopping experience. "Yancheng Golden Eagle Shopping Center" will increase the Group's GFA to 400,000 sq. m.
Commenting on the soft opening of the new store, Mr. Roger Wang, Chairman of the Group, said, "We are delighted that Yancheng Golden Eagle Shopping Center posted remarkable performance on the first day. With the coverage of our retail network expanded to eight cities, Golden Eagle¡¯s regional brand presence is further enhanced. Looking ahead, we will adopt a prudent yet proactive strategy to expand, with an aim of establishing a nationwide chain store network and generating lucrative returns to shareholders."

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