THE WHAT? Transport authorities have started to offer rent relief to those hit by the significant drop in traffic caused by the coronavirus outbreak, according to a report published by Market Screener.
THE DETAILS Airport authorities in Hong Kong, Singapore and Thailand have all announced measures designed to help the beleaguered retailers and their employees, as sales drop dramatically – Market Screener estimates that sales are down 60 to 70 percent at major Asian hubs, quoting figures compiled by the Moodie Davitt Report.
THE WHY? A survey conducted by Pi Insights revealed that some one third of regular travellers from the US, UK, Australia and Asis are spending less time in travel retail outlets, and are less likely to linger, or touch or trial items in store, meanwhile, Chinese travellers- the lynchpin of many travel retail businesses – are cancelling trips in their droves as several countries announced they would bar entry or impose ‘enhanced border control measures’ to arrivals from Mainland China.