Retail sales during first week of October impacted significantly by civil unrest, over 100 eateries closed down in recent months


9th October 2019 – (Hong Kong) After many public amenities and shops were damaged and destroyed by radical protesters, business operations at malls in many districts were also affected. Annie Yau Tse, Chairwoman of Hong Kong Retail Management Association (HKRMA) expressed during a TV interview this morning that d the retail sales during the 1ct October week were significantly impacted by civil unrest.

Even though some landlords have offered to reduce rental between 10-30% for 2-3 months, many mall operators were still reluctant to reduce rental, amongst others are Link REIT and MTR owned malls. Vice-Chairman of Tao Miao Institute, Ma who was also present at the interview said that many restaurants in the F&B industry have already closed down. In recent months, over 100 eateries shut their businesses resulting in unemployment of over 2,000 people. Many shops remain vacant as business owners continue to adopt a wait-and-see attitude.