protests Archives - Inside Retail Asia
Apparel retailer Bossini has revealed a loss of HK$93.7 million during the six months to December – more than triple the $25.7 million loss of the same period a year earlier.
By monitoring and controlling cash positions, negotiating relief in key contacts, and finding additional operational cash improvements, Hong Kong retailers can weather the current sales crash, and look forward to a stronger performance when the market eventually recovers.
Beauty retailer Bonjour Holdings has warned shareholders of a “substantially increased loss” for the current year as the social unrest and falling Mainland Chinese visitor numbers take their toll.
Festival Walk mall in Hong Kong – seriously damaged during protest activities on November 13 – will remain closed for up to another three months.
The retail market is expected to slow down next year, but Asia will account for 45 per cent of global retail sales, according to a new report from economic and business research group The Economist Intelligence Unit.
Hong Kong retail sales in October plummeted by the highest rate since records began. The Census and Statistics Department estimated the value of retail sales for the month at HK$30.1 billion, down by 24.3 per cent compared with the same month last year. That followed a revised fall of 18.2 per cent in September. And there is worse to come.
Hong Kong-listed jeweller Luk Fook has seen its sales slump by 19.8 per cent in the September half as protests, the trade war and the Renminbi’s value kept mainland tourists away.
A significant expansion in Best Mart 360’s store network has helped boost sales in the first half, despite the company being heavily impacted by protests since June.
Festival Walk shopping mall in Hong Kong’s Kowloon Tong remains closed as repairs continue following serious vandalism by protestors earlier this month.
Tse Sui Luen profits plummeted in the first half as Hong Kong protests took their toll, especially during the September quarter.
Miniso Hong Kong has shuttered all of its 50 stores since November 14 citing ongoing protest action – and reportedly won’t be paying staff for the week.
Hong Kong restaurant sales slumped by 11.7 per cent in the third quarter as protests deterred foreign visitors and locals dined in more often.