www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Industries

Grim reality sets in for Hong Kong retailers

By Emma Dai (China Daily) Updated: 2014-06-11 07:34

Grim reality sets in for Hong Kong retailers

Mainland tourists at the Peak overlooking Hong Kong. Retailers in the city are feeling the pinch as the number of mainland visitors to the city continues to drop. [Photo/China Daily]

Although relying on the spending power of mainland tourists, Hong Kong has been experiencing a number of cross-border incidents, Emma Dai reports

It was 7:30 on a Sunday night-a time when visitors usually end a day of shopping by exiting the malls and entering restaurants. Yet Causeway Bay, the holy grail of shoppers in Hong Kong, was not as busy as usual-there were shorter queues for fitting rooms, less people under the mega-screens of Russell Street, and even the notorious sidewalk traffic wasn't as bad on the corner in front of Japanese department store SOGO. But while shopping was more pleasant, on the side streets, shops-large and small-have been quietly shutting down. Further testament to trouble in the retail district were the layers of for-lease ads pasted on the rolling doors.

According to the Census and Statistics Department, the value of total retail sales decreased 9.8 percent year-on-year in April to HK$38.8 billion ($5 billion), a much steeper drop than the predicted 4.4 percent decline. Retail sales volume also tumbled 9.5 percent in the same period last year.

It is the third consecutive month that the city had recorded retrenchment in the retail sector-after sales dropped by 1.3 percent year-on-year in March and 2.2 percent in February. It was the worst slump since May 2003, when severe acute respiratory syndrome, or SARS, crippled the city.

Luxury stores have suffered the most. Sales of Swiss watches, Italian handbags and French jewelry dived 39.9 percent year-on-year in April. Separately, sales of mobile phones, tablets and cameras-hot gadgets among mainland tourists-also tumbled 8.3 percent. Even normally busy department stores recorded a 1.3 percent decline during the month.

While blaming last year's gold rush as a high comparison base, Barclays Bank Plc added in a June note that the dwindling number of mainland tourist arrivals has played its part. According to Hong Kong Tourism Board, the number of mainland visitors rose 14.7 percent year-on-year in April-still rising, but at a "much slower" pace compared with the 27 percent rise in March and 20 percent for the first quarter.

Earlier data from Goldman Sachs Group Inc estimated that mainland visitors contributed HK$217 billion, or 37 percent, to overall retail sales in Hong Kong last year.

But today, they are buying less than three years ago, Barclays wrote in another report published on May 30. The wealthy are decamping to far-off locales like Europe and the United States. Even Japan is luring the budget-conscious as an attractive destination with the yen depreciating.

Hong Kong retailers are on a cliff, cautioned Caroline Mak, chairman of the Hong Kong Retail Management Association.

"Last month, customer traffic started to decline," Mak told Hong Kong media. "Some shops targeting mainland visitors have had to offer an average discount of 20 percent or even 30 percent. Many suffered a 10 to 15 percent decline in same-store sales. This is not a sustainable way to do business, especially as costs remain sky-high."

Grim reality sets in for Hong Kong retailers

Grim reality sets in for Hong Kong retailers

Top 10 world's biggest retailers Top 10 favorite luxury brands of Chinese women

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 在线欧美一级毛片免费观看 | 亚洲国产系列 | 久久久久国产免费 | 美女被男人cao的爽视频黄 | 国产自偷自拍 | 九九热视频在线免费观看 | 永久免费精品视频 | 在线观看国产区 | 高清日本在线成人免费视频 | 亚洲精品综合 | 国产欧美日韩精品一区二 | 免费视频成人国产精品网站 | 写真片福利视频在线播放 | 国产精品伦理久久久久 | 一级片a级片 | 人成精品视频三区二区一区 | 亚洲成人免费在线观看 | 在线播放成人毛片免费视 | a在线v| 天堂va欧美ⅴa亚洲va一国产 | 99久久99热久久精品免费看 | 波多野结衣在线观看一区 | 欧美经典成人在观看线视频 | 一个人看的日本www的免费视频 | 日p免费视频| 国产精品久久免费 | 亚洲男女视频 | a级片在线观看 | 欧美老妇b | 美国一级做a一级视频 | 亚洲精品亚洲人成在线 | 91视频最新网站 | 在线综合视频 | 亚洲成人综合在线 | 三级黄色在线 | 欧美午夜精品久久久久久黑人 | 一级做a爰在线就看 | 91精品一区二区三区在线观看 | 久久久久久久久久久久久久久久久 | 伊人国产在线视频 | 午夜性刺激免费视频观看不卡专区 |