Hong Kong Technology Venture, or HKTV, (HKG:1137) is looking to boost investment in non-retail sector due to the "deeply worrying" long-term outlook for the city's retail industry, The Standard reported Tuesday, citing Vice Chairman Ricky Wong Wai-kay.
According to the report, Wong said local retailers face challenges such as Hong Kong's high rents and labor costs, especially compared with their mainland Chinese counterparts.
While the company has no plan to foray into the food delivery business in the city, Wong said HKTV is likely to venture into the automated retail outlets, The Standard reported.
"The initiative is currently focused on technology development and model validation rather than profitability, with commercial rollout expected around 2027," Wong reportedly said.
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