Hong Kong protests may drive retail-sales slump, says HKRMA
The ongoing Hong Kong protests are eroding the sales of the territory’s retailers according to the HKRMA.
“Depending on the performance of different retail categories, most member companies said the turnover in the first week of June recorded an average [decline] of double digits,” said the Hong Kong Retail Management Association in a statement we have translated from Chinese.
“Activities are spreading across districts, and members expect business to be greatly affected,” said the HKRMA, noting that July and August mark the traditional summer-holiday sales season, but recent large-scale demonstrations, including one in a Sha Tin shopping mall last Sunday, may deter manilanders from visiting the city.
“Large-scale parade activities have caused individual stores to suspend business. Not only are the retail companies under pressure, so is the income of store employees.”
The HKRMA said the industry is worried that the ongoing protests will impact on Hong Kong’s reputation as a safe city, a food capital, and a great place to shop.
“These large-scale parades have an impact on the life of the people and the business environment. If the situation persists, the association anticipates an annual decline of retail sales in the double digits.
“The association appeals to the government to solve the problem peacefully at an early date and bring social order back on track.”
The HKRMA called on employers and employees to maintain close communication during Hong Kong protests.
“In the face of special circumstances, employee safety should be the most important consideration.”