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10 / Periscope
and Hong Kong applicants count Hong Kong.
for 10 percent.
“Fewer customers are coming
The total revenue of Costco’s to our branches after Costco has
six branches in China reached opened, especially during week-
RMB¥57.8 billion (US$7.99 bil- ends,” Suen says.
lion) in the first quarter of 2024,
according to Costco China finan- “There is no significant change
cial report. in the sale volume of vegetables
and fresh meat, but daily necessi-
“We have also launched some ties and cooked food show a down-
products with Cantonese charac- ward trend,” she says.
teristics that cater to the tastes of
Hong Kong people. For example, Associate Professor Bai Ying
a vacuum package of a popular from the Department of Econom-
dish from Guangzhou Restaurant. ics at the Chinese University of
The convenient packaging allows Hong Kong believes that the open-
Hong Kong customers to enjoy ing of giant supermarkets such as
food at home when they want to,” Costco and Sam’s in Shenzhen will
Wu says. influence Hong Kong’s economy in
Filled shopping cart in Costco, Shenzhen. (Photo the long run.
Filled shopping car
t in C
c
o, Shenzhen. (Photo
ost
f Emma Wei)
y o
tes
Marketing Manager Annie courtesy of Emma Wei)
c
our
Suen of Wellcome Supermarket “The opening of those mega
admits that Costco’s opening in supermarkets has helped some
Shenzhen has affected business in Hong Kong residents cut down liv-
ing costs. Looking ahead, this will
make the local economy decline,”
Bai says.
He points out that the biggest
factor affecting consumption is
price but the problem cannot be
solved in Hong Kong easily be-
cause of the sky-high rent.
“The competition between
Hong Kong and the mainland
China markets can also be com-
plimentary to each other leading
to better products and services,” he
adds.
Edited By Nicole Li &
Edited By Nicole Li &
Perry Kwok
Perry Kwok
Costco queuing scence. (Photo courtesy of Emma Wei)
C ost c o queuing s cence. (Photo c our tes y o f Emma Wei)
Sub-edited by Cynthia Hu
Sub-edited by Cynthia Hu
