Over 10% of retailers in Hong Kong could shut down in the next 6 months as the city faces its “worst ever” wave of store closures and layoffs amid ongoing protests that continue to disrupt Hong Kong’s economy by skleb1234
Over 10% of retailers in Hong Kong—thousands of stores—could shut down in the next six months, with more than 5,600 jobs set to be lost, as the city faces its “worst ever” wave of store closures and layoffs amid ongoing protests that continue to disrupt Hong Kong’s economy, Bloomberg firstThe Hong Kong Retail Management Association found in a new survey that the outlook for retailers is becoming increasingly dire after months of anti-China protests.
Going into the crucial holiday period in December, which is usually a busy shopping season, the retail industry is at a, in part due to a lack of Chinese consumers: “If cash flow doesn’t improve and landlords don’t help, there will be a wave of layoffs and business shutdowns … this will be the worst ever in history,” said HKRMA chairwoman Annie Tse in a press briefing on Monday.in October—the steepest drop on record for the city’s once-bustling retail industry.
“Hong Kong’s protests continue to darken the economic picture by deterring tourists and, by extension, sapping retail sales,” says Evan Rees, an Asia Pacific analyst with geopolitical intelligence firm Stratfor. “Exacting particular economic pain, mainland tourists, who account for 80 percent of arrivals, have dropped off sharply due to reports of protesters targeting mainlanders as well as the rising Chinese nationalist backlash against Hong Kong unrest.
Bloomberg. He specifically highlights the consumer, healthcare and education spaces as areas of value.“Going into 2020, the city's protests show little sign of abating, and the possibility of a direct intervention by Beijing remains ever present,” Rees says. “Given that such protests are set to become the ‘new normal’ in Hong Kong and there is little room for compromise, tourism flows and retail numbers will have difficulty recovering to previous levels.
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