Retailers plan a second strike to urge landlords to lower rent. FMTNews HongKong
HONG KONG: Retailers in Hong Kong have launched themselves into a rare battle with the city’s notoriously unflinching landlords for deeper and longer-term rental cuts, as they reel from the double whammy of the coronavirus epidemic and months of political unrest.
Last week, around 50 brands took part in an unprecedented strike, shutting 200 shops across prime shopping malls for a day to demand their landlords reduce rent. Now they’re staging a second strike. “A 50% reduction is obviously nice to have … but when you’re not taking in enough to cover salaries, our main interest is to look after our staff, and of course to look after the long-term viability of our business,” said Ashley Micklewright, president & CEO of Bluebell Group.Bluebell, an Asia distributor of over 150 global brands, participated in last week’s strike.
Another group of retailers took out a full-page newspaper ad on Valentine’s Day, urging developers to exempt February rent and charge tenants turnover rent between March and June.Industry sources say food and beverage contracts pay around 8-15% of sales, fashion 15-20%, jewellery and watches 3-8% and supermarkets 6-8%.
Analysts say vacancy rates will rise this year, with Wharf REIC and Hang Lung Properties among the most affected due to heavier reliance on rental incomes.
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