At least 5,600 retail jobs to go in Hong Kong and 7,000 firms to fold in coming six months as protests land heavy blow on economy, survey finds
- About 30 per cent of the 176 companies which responded to survey said they would lay off 10 per cent of their staff in the coming six months
- Hong Kong Retail Management Association, which carried out the survey, says doom and gloom in industry will cause a chain reaction for economy
Hong Kong’s struggling retail sector has reported the worst figures on record, with at least 5,600 job redundancies and 7,000 company closures expected in the coming six months, as the city feels the economic impact of half a year of political and social turmoil.
The grim statistics were released on Monday by the Hong Kong Retail Management Association which surveyed 176 businesses running 4,310 stores and employing 33 per cent of the sector’s workforce, between October 29 and November 22.
“This is the worst on record,” Tse said. “We don’t know when it will get to the bottom as it is uncertain when peace will be restored to society. Even if it stabilises, it will be a long road before Hong Kong rebuilds its international reputation and tourists return to the city.”
