SINCERE (00244.HK): Central Store to Close in Early December After Lease Talks Fail

NewTimeSpace News: On 4 October 2026, The Sincere Company, Limited (stock code: 00244) issued a voluntary announcement regarding the termination of the lease of its department store premises at G/F, 189 Des Voeux Road Central, Hong Kong (the Central Store): although the Company intended to renew the lease of the Central Store expiring on 31 December 2026, it was unable to reach an agreement with the landlord on the renewal; accordingly, the Central Store will cease operation around early December, after which reinstatement works will be carried out and the premises returned to the landlord.

The Company intends to continue looking for suitable premises in the Central/Sheung Wan area to open a new department store, but as at the date of the announcement no suitable premises have been identified. In the meantime, the Group will continue to operate its department store at the four-storey premises at Kwun Wah Building, 628 Nathan Road, Mong Kok, Kowloon, and its online store at www.sincereonlinestore.com. Apart from the department store business, the Group also operates outdoor sportswear retail, marketing and retail businesses in Tin Shui Wai and Wong Tai Sin.

The directors expect the Group's overall sales to decline due to the closure of this single store; however, operating losses may narrow as a result of savings in rent and other overheads. The Group plans to devote more resources to product diversification and sourcing, online retail and brand revamp, and the directors will continue to monitor business optimisation and assess the operating impact.

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