From Dior to dried fish, Hong Kong retailers feel protest pain HongKongProtests HongKongextraditionbill
HONG KONG - Whether it's glitzy shops in Central or decades-old family businesses along the city's winding streets, retailers of all levels across Hong Kong these days find themselves struggling in much the same way.
Other than a clash last month that disrupted operations, Mr Au has been able to keep his shop open so far, but business has suffered. "The situation may even deteriorate further if the social incidents involving violence do not come to a stop." Hong Kong Chief Executive Carrie Lam has described the economic impact of the protests as worse than the Sars epidemic and the 2008 global financial crisis. Financial Secretary Paul Chan introduced a stimulus package worth about US$2 billion in August targeting small businesses and households, but economists were sceptical of its impact. Mr Chan is sitting on fiscal reserves of about HK$1.17 trillion, after recording a budget surplus this year.
Most Hong Kong retailers have seen sales drop more than 50 per cent in August, according to the city's Retail Management Association. The association has urged landlords in the city to halve rents for six months. "The situation has not reached the bottom yet," Mr Yiu said."In the summer, we were sitting on orders made before the protests escalated. It will become even worse in the first half of September."
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