Hong Kong’s retailers are likely to miss out on the five-day golden week holiday sales bonanza in early October as mainland tourists stay away
A number of shops in Causeway Bay have closed recently or are doing poorly, as shoppers avoid the popular tourist district because of the protests. - SCMP/Nora Tam
About 20% to 30% of retailers were now starting to send full-time employees on unpaid leave to cut costs after having let go of part-time workers. The protesters have also organised demonstrations in other shopping districts such as Tsim Sha Tsui and Mong Kok, and arranged an online campaign called"Bye Buy Day HK", urging citizens to spend less on Fridays and Sundays and avoid retailers and other companies which do not share their political views.
Nancy Wong, executive director and deputy CEO of Lukfook, however, said that the luxury retailer had seen a"significant drop" in daily footfall, but declined to provide figures.Retail sales in July fell 13% from a year earlier, according to the latest figures from the Hong Kong government. Joseph Ho Shiu-chung, chief supervisor of The Cosmetic and Perfumery Association of Hong Kong, which has more than 300 members that include 15 multinational companies, said that the beauty industry has no plan to collectively call for rent cuts despite plunging sales.
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