Sincere Department Store
|Type||public trading company|
|Founders||25 investors including Ma Ying Piu|
|Headquarters||Hong Kong, China Taiwan, Australia, United Kingdom, Hong Kong|
|Area served||Hong Kong and Mainland China|
|Key people||Board Chair Walter K.W. Ma, managing director/Executive Director Philip K.H. Ma and board member King Wing Ma|
|Products||consumer goods and services|
|Services||retail, advertising, travel|
|Revenue||HKD 458,410,000 (2011)|
|Net income||HKD 10,222,000 (2011)|
|Parent||Sincere Group (The Sincere Company, Limited)|
|Subsidiaries||360 °C Advertising, Pacific Falcon Design,Sincere Living Furniture|
Sincere Department Store (先施百貨) is a department store under the Sincere Company Limited and one of the oldest department chains in Hong Kong. Prior to 1949, its largest operation was in Shanghai, and along with Wing On (which survives in Hong Kong), Sun Sun (新新公司 1926–1951) and Da Sun (大新公司) was one of the "four great department stores" of Shanghai, and therefore, China generally.
Founded by Ma Ying Piu in 1900 after returning from Australia and partnership with others to form the first Chinese department store in then British Hong Kong. Ma was inspired by his experience with retail stores in Sydney. and modelled Sincere after David Jones.
Prior to 1949, Sincere operated in China with stores in Shanghai, Nanning and Guangzhou. But with the founding of the People's Republic of China these locations were taken over by the Communist state, along with all other private companies in the country.
Since 1997, Sincere's retailing arm is mostly in Hong Kong with four locations in Hong Kong (Central: Li Po Chun Chambers;Causeway Bay: Percival Street) and Kowloon (Mong Kok: Grand Century Place; Mong Kok: Kingwah Centre; Sham Shui Po: Dragon Centre;Yau Tong: Domain(Yau Tong); and Tsuen Wan: Citywalk 2); there are Chinese location, including Dalian. The Ma family still has a place on the corporate board (Board Chair Walter K.W. Ma, managing director/Executive Director Philip K.H. Ma and board member King Wing Ma), but most day-to-day operations are run by non-family executives. Sincere is one of a few department stores that survived, many foreign and local firms have since disappeared.
Today Sincere has grown beyond retailing and diversified its portfolio:
property investment and property development
- securities trading
- advertising agency – 360°C Advertising
- interior design – Pacific Falcon Design
- furniture manufacturing – Sincere Living Furniture
- travel agency franchising – Uniglobe Travel
- Shanghai Municipal Archives (2010) Forerunners of modern Chinese department stores – collected archival materials of the four great department stores of Shanghai (《近代中国百货业的先驱——上海四大百货公司档案史料汇编》) Shanghai Bookstore Press, Shanghai
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