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759 Store
759 Store is a Hong Kong chain store selling groceries and snacks. The name 759 is the Hong Kong Stock Exchange code for its parent company, CEC International Holdings Limited. Its Chinese name originated from the Japanese drama Oshin. 759 stores mainly import Japanese, Korean and other foreign food items and sells them more cheaply than other supermarkets in Hong Kong.
The first 759 store opened in Kwai Chung Plaza on 7 July 2010. Following this, 11 branches were opened around Hong Kong. A membership scheme offers members a flat discount on undiscounted items. Between one-third and two-thirds of 759 Store's products are imported from Japan. 759 Store has also expanded to other places, including Korea, Taiwan, and Europe. As it expanded, it started to source more items from the places that it had expanded to, like Taiwan and Korea.
Expansion was rapid. By July 2012, 90 branches in total had been opened. At the end of 2012, the chain operated more than 120 convenience stores in Hong Kong. A year later there were 160, and by 2016 the number totalled 290. However, lower numbers of tourists and high rents led to losses and a cut back to around 190 stores in the city by 2018, focusing on residential areas, which narrowed the deficits.
The company announced that in December 2013 it would open a 759 Store Household Market, selling household goods and small appliances. The company also operates two 759 Store supermarkets, selling groceries and household items (with five planned to be open in January 2014).
On the founder's death in August 2018, the stock doubled in value on the first day's trading, in expectation of restructuring, or a possible merger or takeover. However, Tang Fung-kwan, who was quickly appointed Chairwoman (of CEC International), said that there were no plans to sell or any need to raise funds, and that she would continue to pursue Lam's "mission to turn around the company", with the backing of Lam's family, who remain majority shareholders.
Coils Lam Wai Chun (Chinese: 林偉駿, family name: Lam) (1958–2018) founded the company after an active business career built around his electronics manufacturer he founded in 1979. He was the founder of Coils Electronic Co., Ltd. (高雅線圈製品公司), an electronic-component company that had been running for 30 years. Under pressure during the 2008 financial crisis, including losing an element of control of the company, he started the 759 chain, under CEC. Lam died, aged 60, on 18 August 2018.
Lam's son Billy Lam, born 1991, is expected to take over the running of the business, at some point in the future.
The early mission for 759 Stores was to fight against large-chain supermarkets. 759 Stores practises a 'Small Profit, Quick Return' strategy: selling each product at a wafer-thin margin with the aim of gaining through volume sales. In 2012, 759 Stores had achieved its goal of high turnover and income reached HK$3.5 billion. With the support of its parent company, CEC International Holdings Limited, 759 Store is capable of surviving even with its current low profit rate. 759 Store's unexpectedly low selling prices have threatened other small shops and invited critics to comment that 759 Store has become a killer of small entrepreneurship, which it denies.
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759 Store
759 Store is a Hong Kong chain store selling groceries and snacks. The name 759 is the Hong Kong Stock Exchange code for its parent company, CEC International Holdings Limited. Its Chinese name originated from the Japanese drama Oshin. 759 stores mainly import Japanese, Korean and other foreign food items and sells them more cheaply than other supermarkets in Hong Kong.
The first 759 store opened in Kwai Chung Plaza on 7 July 2010. Following this, 11 branches were opened around Hong Kong. A membership scheme offers members a flat discount on undiscounted items. Between one-third and two-thirds of 759 Store's products are imported from Japan. 759 Store has also expanded to other places, including Korea, Taiwan, and Europe. As it expanded, it started to source more items from the places that it had expanded to, like Taiwan and Korea.
Expansion was rapid. By July 2012, 90 branches in total had been opened. At the end of 2012, the chain operated more than 120 convenience stores in Hong Kong. A year later there were 160, and by 2016 the number totalled 290. However, lower numbers of tourists and high rents led to losses and a cut back to around 190 stores in the city by 2018, focusing on residential areas, which narrowed the deficits.
The company announced that in December 2013 it would open a 759 Store Household Market, selling household goods and small appliances. The company also operates two 759 Store supermarkets, selling groceries and household items (with five planned to be open in January 2014).
On the founder's death in August 2018, the stock doubled in value on the first day's trading, in expectation of restructuring, or a possible merger or takeover. However, Tang Fung-kwan, who was quickly appointed Chairwoman (of CEC International), said that there were no plans to sell or any need to raise funds, and that she would continue to pursue Lam's "mission to turn around the company", with the backing of Lam's family, who remain majority shareholders.
Coils Lam Wai Chun (Chinese: 林偉駿, family name: Lam) (1958–2018) founded the company after an active business career built around his electronics manufacturer he founded in 1979. He was the founder of Coils Electronic Co., Ltd. (高雅線圈製品公司), an electronic-component company that had been running for 30 years. Under pressure during the 2008 financial crisis, including losing an element of control of the company, he started the 759 chain, under CEC. Lam died, aged 60, on 18 August 2018.
Lam's son Billy Lam, born 1991, is expected to take over the running of the business, at some point in the future.
The early mission for 759 Stores was to fight against large-chain supermarkets. 759 Stores practises a 'Small Profit, Quick Return' strategy: selling each product at a wafer-thin margin with the aim of gaining through volume sales. In 2012, 759 Stores had achieved its goal of high turnover and income reached HK$3.5 billion. With the support of its parent company, CEC International Holdings Limited, 759 Store is capable of surviving even with its current low profit rate. 759 Store's unexpectedly low selling prices have threatened other small shops and invited critics to comment that 759 Store has become a killer of small entrepreneurship, which it denies.