AS Watson commits $490m to 1,000-store 2026 rollout

Expansion accompanies anniversary milestone.

AS Watson will open around 1,000 new stores in 2026, investing $490m (HK$3.8b) in store openings, upgrades, technology, and supply chain.

The move strengthens its global presence and O+O (Offline + Online) capabilities.

The retailer said the planned store openings will take place across multiple markets and retail formats, extending its physical network alongside its existing digital platforms.

AS Watson said the growth in its loyalty base reflects increased customer participation across its health, beauty and personal care brands, with loyalty programmes forming a core component of its retail operations.

In 2025, AS Watson’s health category grew 8%, led by Europe, and its beauty category grew 6%, driven by Asia. Its O+O ecosystem delivered double-digit sales growth and strong cross-channel engagement.

The expansion plans coincide with AS Watson marking 185 years of operations, with the group continuing to invest in store growth and customer engagement initiatives across its international portfolio.