Retail Sales In Hongkong Showed A Weak Trend.

Retail sales in Hongkong remained weak in April, and luxury goods suffered.

Zhou Shengsheng, chairman and general manager Zhou Yongcheng, said that sales and sales in Hongkong in the first 5 months of this year all had a setback. Sales of luxury goods fell by 18% over the same period last year, mainly due to the poor retail atmosphere. He pointed out that the group would deploy Hongkong business cautiously, and would review the opening strategy every year, but emphasized the temporary unrelated stores and layoffs.

Zhou Yongcheng said yesterday after the annual general meeting that about 10 to 15 retail shops in Hongkong need to renew this year. It is considered that the rent of the shops is still high, and there has been no rent reduction trend for the whole time.

This year's renewal shops are mainly street shops. There are individual street shops in the tourist area. The rent is reduced to double figures.

There is still a pressure of rent increase in shops.

Zhou Yongcheng also pointed out that the company will expand its main business in the future, and this year's goal is to set up 50 branches in the mainland.

At present, there are about 330 sales outlets in the mainland, which are distributed in about 90 cities. In the future, they will focus on improving the market share of existing cities, and developing new cities is secondary consideration.

Chief financial officer

In addition, sales performance in the mainland in the first 2 months of this year is still challenging, but business volume and same store sales have become positive after March.

The census and Statistics Department announced yesterday that

Retail sales continued to be weak, and total retail sales fell by 2.2% in April to 38 billion yuan, up 0.8% from market expectations.

Total retail sales fell 2.9% in March, down 2.3% in the first 4 months of this year.

The number of jewelry, watches and clocks and precious gifts in the worst hit areas fell by 19.5%, while department stores also fell 3.6% and clothing shoes decreased by 5.5%.

Sales of pharmaceuticals and cosmetics with strong resilience also dropped by 3%.

Only food, alcoholic beverages and tobacco business increased by 4.2% annually.

The government expects that the performance of retail sales in the short term will depend on the growth of visitors and the stability of the labour market, which should support local consumption intentions.

The authorities will pay close attention to the slowdown in retail business and various uncertainties in the external environment, which will have an impact on the future local economy and job creation.