Dickson Concepts, the owner of Harvey Nichols, plans to invest HK$1bn on technology companies, including HK$250m on revamping its flagship store in Pacific Place. Pearson Poon, 24, son of chairman Dickson Poon, has been put in charge of the project, a move some say could pave the way for him to succeed his father. The project involves cutting space in the store in half (from 84 000 sq ft to 42 000 sq ft), and increasing the products on offer thanks to online. Shopping experiences will be improved also on the model of the revamp of the London Harvey Nichols. According to the chairman, Dickson Poon, "the company faces unprecedented margins compression from online operators internationally. Retailers need to work on the retail format that faces possible elimination".