Hong Kong Retail Slumps Amid Protests

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.