Hong Kong Retail Industry Will Face The First Negative Growth Month

Yesterday, Zhou Shengsheng, Sasa international and other well-known retail listed companies in Hongkong have disclosed the sales financial data during the "eleven Golden Week" period. It shows that due to the influence of demonstrations, some shops in commercial flourishing areas are temporarily closed, so that the relevant enterprises intended to earn a full budget during the national Day golden week.

Zhou Shengsheng chairman Zhou Yongcheng said yesterday that the company decided to close some of its branches in Mong Kok and Tongluowan because of the safety of employees and goods because of the "occupy action".

He disclosed that at least five or six Zhou Shengsheng stores were closed at the peak of the rush hour, and for safety reasons, Zhou Shengsheng also reduced the business hours of its stores, which also had an impact on the volume of business during the golden week.

Zhou Yongcheng said that although the recent international gold price downward trend, but the gold rush effect has passed, if taking into account other factors, it is estimated that sales during the "eleven Golden Week" period fell 6%~8% compared with the same period last year.

　　 Sasa International Yesterday announced that during the "eleven Golden Week" period, the company's sales in Hong Kong and Macao fell by 1%, while the same store sales fell 3%, which was worse than expected. The management of the company has been exposed by recent demonstrations in Hongkong, resulting in a drop of about 6% in local consumer revenue in Hongkong.

Besides, Demonstrations The overall business volume in the affected areas (including central, Tongluowan, Mong Kok, Tsim Sha Tsui, etc.) recorded a significant decrease during the golden week, while most other regions recorded positive growth. The company management also pointed out that although the number of mainland customers during the golden week recorded a growth of more than 10%, the average amount of each transaction fell by more than 10%, making the income from mainland customers only flat.

　　 Hongkong Retail Management Association A statistics show that during the golden week, the volume of business of 30 retailers in the centrally located areas such as Admiralty, Tongluowan and Mong Kok decreased by 10%~45% a year. The association anticipate that if Hongkong's retail operations continue, the first negative growth of the retail trade in 2003 will be October since the mainland implemented the policy of "personal travel" to Hong Kong.