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HKRMA Says 90%+ Members Project Biz Slump in Apr, Hoping Govt to Hike Duty Free Allowance on CN Tourists
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Annie Yau Tse, Chairman of Hong Kong Retail Management Association (HKRMA), said that less than 10% of HKRMA members tracked business hike in April this year, while more than 90% of the members reported declines. Among them, only fast food and telecommunications retailers recorded a faint increase in business. Retailers with business decreases ranging from single-digit to low-double-digit were involved in local supermarkets, food stores, electrical appliance stores and furniture stores. On the other hand, retailers in the 20%-40% business decline range were in categories of watch and clock, jewelry and health food sectors. Tse added that Hong Kong's retailers remained jeopardized by factors such as Hong Kong people's continued northbound spending, tighter bank lending, high interest rates, and global uncertainties, which stifled the business environment persistently. She also opined that the current duty free allowance of $5,000 for each Mainland visitor was relatively low, and hoped that the Hong Kong Government would reach a consensus with the Central Government to gradually raise the allowance in the future. AAStocks Financial News |
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