protests Archives - Inside Retail Asia
Tse Sui Luen Jewellery has reported a US$11.6 million loss for the year to March, as the Sino-US trade war, protests and Covid-19 dented sales.
Hong Kong retailer Dickson Concepts describes the territory’s retail environment as “the most challenging the group has ever faced”.
Hong Kong’s retail industry is facing “a crucial, life-and-death moment of survival” according to the city’s main retail body the HKRMA.
Hong Kong’s Causeway Bay was yesterday the centre of the largest and most disruptive protest activity since the outbreak of Covid-19 forcing stores to close and shoppers seeking shelter from tear gas.
Jeweller Tse Sui Luen is projecting a loss of US$10.3 million for the year to March – a stark reversal from last year’s net profit of $6.96 million.
Hong Kong cosmetics retailer Bonjour Holdings has delisted slow-moving products and trimmed its store network as it grapples with falling sales and mounting losses.
Health-and-beauty retailer AS Watson recorded 7 per cent growth last year despite the political unrest in its key Hong Kong market.
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.