Pricerite clarifies misunderstanding over store closure notices, announces major price reductions

Discussions erupted after a suspected closure notice of Pricerite was posted online and in stores, which was later revealed to be a change in their old pricing scheme.

This came after Pricerite, a well-known furniture and electrical appliances retailer, posted a notice late Monday night expressing gratitude for the public's years of support.

Netizens noted that at several of its store locations, including Prince Edward and Yuen Long, there were signs reading "Last Day, Thank You for Your Support." This initially led to widespread speculation about the potential closure of these outlets, sparking a flurry of discussion among netizens.

However, Pricerite clarified today that the notice referred to the last day of their old pricing scheme and also acknowledged years of customer support. The company also revealed that the prices of more than 7,500 products were reduced by up to 56 percent, with an average price reduction of 23 percent.

The initial misunderstanding caused some concern among customers, with some netizens admitting they were initially frightened by the prospect of the store's closing. Others found humor in the situation, stating that of all the jokes to make, they chose to joke about the store's closure.

The confusion also raised concerns about the increased workload for customer support due to worried customers contacting them for clarification.

Seperately, another furniture retailer, IKEA, took to its official Facebook page to comment on the incident and thanked the public for their support. IKEA assured its customers that it would never pretend to close its store and emphasized its long-standing policy of maintaining "new low prices."

Pricerite has been operating in Hong Kong for 38 years. In August this year, the North Point Fitfort Shopping Arcade and Kennedy Town branches were closed one after another due to the economic downturn and residents traveling north or abroad, which affected local retail sales.