Reid: Watsons label is very popular in China in terms of customer base and development, as we've been there around 15 years. We do have valuable offers for Chinese consumers, which for us is fundamental. We also have customers that trust us and choose certain products in our stores. As we have started the lowest-price guarantee in Taiwan, we may bring it across and see how it works there. There is obviously an opportunity for us to grow as we got in there early and understand what people want from other new players. The marketing strategy in the market varies depending on the regions, as shopping behavior varies in different areas.
TT: What are your goals for the Year of the Monkey?
Reid: We are going to open at least 25 new stores plus two super stores within the year as the economy is picking up, and hope to see a single-digit growth in sales revenues for each store. We actually closed 15 stores last year. To evaluate a store and make a quick decision on whether to continue the operation or not is also very important. We closed some of our busiest stores because the bus stops nearby were moved. Change is the essence of the retail industry, and therefore we need to react to the changes quickly.
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