20,400 Hong Kong retail stores are to close by the end of this year, according to research from HKRMA. A study amongst 152 retailers shows that most retailers will fall short of having sufficient resources to survive beyond June.
So far this year, an estimated 5200 Hong Kong retail stores have closed permanently. With 62,400 retail stores still operating, the HKRMA predicts that a further 6600 stores will shutter between May and August, and another 8600 between September and December – totalling up to 20,400 stores by year-end, including those already closed since the crisis evolved.
About 40 per cent of survey respondents said they can sustain their businesses for only four more months at most, and only 20 per cent of retailers for eight months.
