(From Fashion News)
The retail sector in Hong Kong is finding it difficult to keep their boat afloat amidst the decline in mainland tourists since a year ago. Now, the Britain’s vote to leave the EU is likely to make matters from bad to worse for the Hong Kong’s retail sector, says reports.
A recently released Hong Kong government report showed retail sales slipping to 12.5 per cent Y-O-Y in the first quarter to HK$115.2 billion, from HK$131.6 billion in the same period last year. The total number of retail establishments also dropped sharply to 64,498, fewer by 1,400 from the first quarter last year. And there have been 10,000 retail sector job losses in the past year, with the number of employees also down to 320,400 by the end of first quarter.
Apart from the decreasing number of tourists, outbound travel is expected to grow on the back of a stronger US dollar and weaker Chinese yuan, resulting in less spending in Hong Kong, say industry experts. Read more