Hong Kong in dire-strait, braces for a wave of store closure amid protests

• Financial

On Monday, the 9th of December 2019, main retailing group of the China-controlled island city of Hong Kong, once-a-booming business environment alongside tourism industry of which was battered heavily following a nearly six-month long pro-democracy protest, HKRMA (Hong Kong Retail Management Association) said that more than one-tenth of Hong Kong city retailers would likely to shutter down their operations in the island city, as a number of violent protests and social unrests which happened to become a daily incident at this standpoint, had been threatening the sole existences of smaller retailers in Hong Kong.

More importantly, the HKRMA (Hong Kong Retail Management Association) had also added in its Monday’s (December 9th) statement that followed by a currycomb survey of its members in the Hong Kong city, which had been at the blink of losing its financial HubSpot status, HKRMA found more than 7,000 licensed retailers among 64,000 in the city would be forced to wind down their operations in next six months.

In point of fact, latest HKRMA survey report comes over the heels of a flurry of dismal data on October that had witnessed a 25 per cent plunge of its retail sales from a year earlier, its biggest drop ever on record, while the city’s tourist arrival fell by a jawdropping reading of 43.7 per cent, squeezing operations in restaurants and malls.

Meanwhile, casting further glooms ahead over Hong Kong’s retailing industry, the HKRMA’s chairwoman, Annie Tse Tau On-Yee said on Monday (December 9th), “We are talking about survival among retailers. It is going to be quite serious. ”