Food souvenir retailers Choi Heong Yuen, Koi Kei are being hit hard by the reduction in Mainland Chinese gamblers visiting the city, store owners have told the Macau Business Daily.
Both famous brands Choi Heong Yuen and Koi Kei have reported a sales decline this year as Mainland Chinese buy fewer gifts.
“We actually started to see sales drop from the end of last year. And in the beginning of this year, sales in our stores have dropped some 10 per cent year on year; but later the drop widened – and now on a monthly average, we’ve seen some 20 per cent decline,” said Choi Heong Yuen Bakery MD Alan Wong Yeuk Lai.
“This is really a year that’s very different from the past.”
Choi Heong Yuen Bakery has 13 stores on streets and in casinos in Macau, and has opened another store in Studio City. The bakery’s main competitor, Koi Kei Bakery, runs 21 stores in Macau.
Rival Koi Kei Bakery remains optimistic about the city’s food souvenir retail prospects for next year, despite a drop in sales to date. Koi Kei will open more shops in Hong Kong’s airport and Macau’s casinos starting from the end of this year.