Recently, the retail market has declined
The Hong Kong Retail Management Association pointed out that some members have reported that the retail sales of most retailers have fallen by more than 50% since the beginning of August. The association has appealed to shop owners to reduce rents to tenants by 50% for a period of six. Month to share the difficulties. In recent days, there have been cases of street rent reductions in the market.
Shop 70, Percival Street, Causeway Bay, rented by a drug store at about $200,000 a month
The association said that the retailer’s business volume has turned sharply from June, and the decline has expanded to double digits. Under the high operating costs and sharp drop in revenue, the company is under tremendous pressure from cash flow. If the situation continues to deteriorate, it is expected that some employees will be laid off or even closed down.
In addition, the Council believes that the measures announced by the Government recently failed to provide targeted assistance and urged the Government to provide retailers with immediate relief packages such as financial assistance and rates concessions.
Percival Street shop rents 55%
The core area paved the market to launch a new round of rent reduction. Zhuang Langwen of the Central Plains Department of Commerce said that the land parcel of No. 70, Percival Street, Causeway Bay, which was about three months old, was about 1,000 square feet. The drug store was rented for about 200,000 yuan. The former tenant of the shop was a telecommunications operator. From the first year of the year, the rent was about $450,000 per month. The latest rent was about 55% lower than the old one.
There are also street shops in the district to lower the rent and rent. The ground floor of 500 Lockhart Road, with an area of about 2,000 square feet, is expected to expire at the end of this year. The owners rented about 1 million yuan at the beginning of the year, but the monthly rent has dropped to about 800,000 yuan, a decrease of about 20%.