The retail market has experienced a sharp decline in recent days
The Hong Kong Retail Management Association said that some members of the industry have reported that the business volume has changed from June, and the decline has been expanded from double digits to double digits. Since the beginning of this month, most retailers have fallen more than 50%. The association called for a 50% reduction in rents for shoppers for a period of six months to tide over the difficulties with tenants.
According to the association, retailers are under tremendous cash flow pressures due to high operating costs and sharp revenue declines
If the situation continues to deteriorate, many retailers are expected to lay off or even close down. At this critical juncture, it is recommended that all retail shops in Hong Kong reduce rents to tenants.
The Hotel and Catering Practitioners Association refers to a good summer vacation period, where employers require employees to be cleared and plan to leave unpaid leave
In the early days, due to the lack of manpower, the employees of the industry also struggled with the company to strive for performance. Therefore, under the current business environment, the employees should not be cut and the difficulties will be shared.