Headlines

Hong Kong Retail Slumps Amid Protests

Luxury brands are the latest retailers to take a hit among political unrest

Published

5 years ago

July 19, 2019

VMSD_Olivia

Retailers in Hong Kong are bracing themselves for a sharp decrease in sales this year amid continuing political protests and the decline of tourism, BBC News reported.

Among the many retailers feeling the effect is luxury brand Richemont (Bellevue, Switzerland). The company recently reported declining sales in Hong Kong with the demonstrations and subsequent decline of the local dollar.

The demonstrations were initially sparked by a proposed extradition bill, but now reflect comprehensive demands for democratic reformation and the fear of possible encroachment on freedoms, the BBC reports.

Protesters have occasionally clashed with police with violent results, disrupting the downtown business district.

These protests caused many stores to close, while also disrupting trade agreements.

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design