Nike concept store opens in Hong Kong
Global well-being company GMG has announced the opening of its newest Nike
The new store spans 2,171 square feet and offers sports apparel for both men and women in categories including running, training and basketball.
The store represents GMG’s latest strategic investment in Asia, tapping into a huge potential market and leveraging the rising personal well-being trend in the region. In fact, according to a report by Statista, revenue for the sports and outdoor segment in Hong Kong is projected to reach US$917.50 million in 2022.
Moreover, it is expected to show an annual growth rate of 17.99%, resulting in a projected market volume of US$1,507 million by 2025, and it is expected to touch 2.3 million over the next three years.
“Asia is propelling the retail industry forward, generating a substantial portion of global growth in the sector and offering immense potential and expansion opportunities for GMG,” said Mohammad A. Baker, deputy chairman and CEO of GMG.
“The opening of our new Nike store in a key market such as Hong Kong, the first in two years, further signifies the recovery of a post-pandemic economy while allowing us to strengthen our physical retail presence in Asia, and empower even more people to embrace an active and healthy lifestyle.”
GMG first partnered with Nike in 1982, signing an agreement to bring Nike products to the UAE and then distributing and retailing Nike products across the GCC region as the company expanded.
In 2020, GMG entered Asia through the acquisition of Royal Sporting House and most recently acquired Nike retail stores from SUTL Corporation, expanding its presence in Singapore and Malaysia. To date, GMG has over 25 Nike stores in Asia including 11 Nike stores in Hong Kong alone.
