HK retail chains see 50% sales drop

HONG KONG: Sales at major Hong Kong retailer chains have fallen as much as 50% during the bulk of the Chinese National Day holidays after pro-democracy protests disrupted the shopping season, according to a survey.

Sales dropped at least 15% during the first five days of the holidays known as Golden Week, the Hong Kong Retail Management Association said in a statement on Monday, citing a survey of its members. Retailers selling watches and jewellery were among the most affected, according to the group.

Sales at small to mid-sized companies plunged as much as 80%, according to the association. Those operating in the Mong Kok, Causeway Bay or Tsim Sha Tsui shopping areas occupied by protesters were hurt the most, it said.

The figures are among the earliest indicators of the financial toll caused by the protests that have roiled retailers since late September.

Thousands of people demanding a free election for the next Hong Kong leader have taken to the streets, blocking roads and forcing some stores to close, including those of Chow Tai Fook Jewellery Group Ltd, the world’s largest jewellery chain. — Bloomberg