‘Hong Kong Is a Disaster’: As Protesters and Police Clash, Retail Sales Take a Record Plunge [Fortune]
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Source: Fortune
Pinterest Months of protests in Hong Kong are taking an increasing toll on the city’s economy, with retail sales declining by a record amount in August. The both of which are becoming more violent affected Hong Kong’s status as a shopping hub goods such as jewelry and watches are common purchases by mainland tourists, and the value of those sales slid by almost half in August. As the protests drag on and tourists and shoppers stay at home, retailers are having staff take unpaid leave, with some reportedly planning layoffs. Meanwhile, some landlords are slashing rents. The unrest in Hong Kong is dragging down the luxury industry globally, and brands are re-examining their presence in the city, said analysts. Bain & Co now sees the global luxury sector growing this year at the low end of the 4% to 6% range, according to analyst Claudia d’Arpizio, while RBC Capital Markets analyst Rogerio Fujimori estimates that most brands will suffer a sales drop in Hong Kong of between 30% and 60% du
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