Hong Kong retailers fear double digit drop this year

Hong Kong retailers fear double digit drop this year

Annie Yau Tse talks to RTHK's Janice Wong

The chairwoman of the Hong Kong Retail Management Association said on Monday that shops are now anticipating a double-digit drop in business for this year as a whole, as protests add to the woes of the sector which has been hit by China-US trade row since the beginning of the year.



Annie Yau Tse said the initial fall in shop sales began at the start of 2019, as the Sino-US tariff war began to bite, but it has significantly worsened since the anti-extradition protests began in June.



"Traditionally, September is not a peak season. So we expect that, because of the low base figure, said Tse. "But going into October we foresee the drop will be much [more] severe because of the high base figure of last year, because of the Golden Week [holiday sales]."



She said retailers who have been asking staff to take no-pay leave will soon have to fire them and that a few have already done so.



Tse told RTHK's Janice Wong that some retailers want to close outlets, but are holding back as they have entered into contracts with landlords.