Some unfortunate news to report for the retail sector today as Dickson Concepts suffered a $27m loss last year, which was largely due to the global pandemic. The Hong Kong retailer descried the territory’s retail environment as “the most challenging the group has ever faced”.
“However, the retail climate in Hong Kong deteriorated significantly thereafter and Mainland Chinese tourists all but disappeared. As a result of the Covid-19 pandemic outbreak in January, the group faced the worst local consumer sentiment in its history. Tourist arrivals have literally come to a complete halt, and despite achieving sales at the expense of margins, the group’s turnover in Hong Kong suffered a 24.9-per-cent decrease in the year ended March 31.”
