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Golden Eagle's Shanghai Store Commences Operation

(8 June 2009 - 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 today that its Shanghai store ("Shanghai Store") commenced operation on 28 May 2009.

With a gross floor area of about 20,000 sq. m., Shanghai Store is located at Nanjing West Road, the most representative, international vogue premium business circle in China, neighboring a number of high-end shopping malls, such as Plaza 66, CITIC Square and Meilong Town Plaza. Shanghai Store has an extensive tenant base of internationally renowned brands, such as GUCCI, BOTTEGA VENETA, TRUSSARDI and Y3 etc. Among which, the flagship store of GUCCI Group, encompassing a gloss floor area of approximately 2,000 sq.m., was also opened on 6 June 2009.

Shanghai city is one of the world's most prosperous and economically energetic cities. In 2008, Shanghai's GDP increased by 9.7% over that of the previous year to reach RMB1,369.82 billion. Total retail sales of consumer goods amounted to RMB453.71 billion, representing a year-on-year growth of 17.9%. Disposable income per capita for urban citizens reached RMB 26,675, posting a year-on-year increase of 12.9%.

Commenting on the opening of the new store, Mr. Roger Wang, Chairman of the Golden Eagle, said, "Shanghai is an enormously energetic city with immense potential in economic development. The opening of Shanghai Store not only enables us to establish our presence in the core business circle of Shanghai and foster strategic cooperative relationship with global top brands, but also represents our success in entering this market. Shanghai Store is well positioned to become the platform for attracting internationally reputable brands and lay a solid foundation for developing a nationwide chain store network. The sales of Shanghai Store since its opening on 28 May is in line with the Group's expectation. As the economy further pick up, we are confident that Shanghai Store will achieve remarkable results."

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