Retailers Chow Tai Fook, Sa Sa to trim store networks in HK tourist areas [Reuters]
CHOW TAI FOOK JEWELRY ADR (CJEWY)
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Source: Reuters
Retailers Chow Tai Fook, Sa Sa to trim store networks in Hong Kong tourist areas HONG KONG (Reuters) - Hong Kong retailers are retreating from the city’s protest-hit tourist areas as visitor arrivals drop, with a top jeweler and cosmetics chain pulling out of prime shopping districts such as Causeway Bay and Tsim Sha Tsui. Jewellery chain operator Chow Tai Fook Jewellery Group Ltd ( 1929.HK ) said on Wednesday it would review the performance of more than 40 points of sale (PoS) with leases set to expire in the 2021 financial year, and planned to close up to 15 of them, many located in the tourist districts of Causeway Bay, Mong Kok and Tsim Sha Tsui. “As said in our interim results in November 2019, the group would seek PoS network optimization in Hong Kong to enhance store profitability,” a company spokeswoman told Reuters in an email reply, adding there was nothing new in its direction. Chow Tai Fook, which operates a total of 3,789 PoS, including about 80 in Hong Kong, said it pl
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