Home / Knowledge / News / Retail / 7000 Hong Kong retail establishments may close down: HKRMA

7000 Hong Kong retail establishments may close down: HKRMA

14
Dec '19
Pic: Shutterstock
Pic: Shutterstock
Some 7,000 licensed retail establishments out of 64,000 in Hong Kong may close down in the next six months as social unrest and sometimes violent anti-China protests deter tourists, threatening the survival of smaller operators, according to a survey by the Hong Kong Retail Management Association (HKRMA). The survey highlights the dire outlook for retailers there.

Retail sales fell by a quarter in October from a year earlier, the steepest drop on record, while tourist arrivals fell by a whopping 43.7 per cent in the same month, squeezing malls and restaurants, according to a press release from the association.

“We are talking about survival among retailers. It is going to be quite serious,” HKRMA chairwoman Annie Tse Yau On-yee said.

HKRMA said about 97 per cent of survey respondents had recorded losses since the unrest began in June. Of those, 30 per cent said they would be forced to lay off staff in the next six months, losing 10 per cent of employees on average, or more than 5,600 people in total.

The survey, which covered chain stores and small retailers, was conducted between October29 and November 22 and recorded the views of 176 companies, operating 4,310 stores.

HKRMA has urged more support and relief measures from the government while also encouraging landlords to offer rent cuts to help retailers.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 25th Jan 2020

EU, 5 African nations start talks to deepen trade ties

The European Union (EU) recently concluded the first round of...

Pic: Shutterstock

Apparel/Garments | On 25th Jan 2020

Pak-PRC textile cooperation to focus on readymade garments

Chinese and Pakistani experts have agreed to forge a textile...

Pic: Shutterstock

Textiles | On 25th Jan 2020

India's GDP expected to grow at 5.5% YoY in FY21: IndRa

India's gross domestic product is expected to grow at 5.5 per cent...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Top executives, Textile industry

Top executives
Textile industry

Sustainable fashion is also ‘slow fashion’

C Kamatchisundaram, Voltas

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Lukas Hartmann,

Lukas Hartmann

Intex Consulting GmbH is a completely integrated enterprise resource...

Carolin Russ,

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search