THE WHAT? Skin care and cosmetics chain operator Sa Sa International Holdings Ltd has announced it is looking to close 20-25 percent of its stores in Hong Kong over the next 18 months due to lowered footfall caused by the ongoing political riots.
THE DETAILS According to a report by Reuters, Sa Sa is one of many retailers retreating from shopping areas such as Causeway Bay and Tsim Sha Tsui as visitor numbers continue to drop.
Anti-government protests have been blamed for a fall in Chinese mainland tourism of 50.8 percent, with local customers falling 9.1 percent.
THE WHY? Sa Sa Holdings reported a decline of 35.2 percent for retail and wholesale turnover in Hong Kong during the October to December period.
Simon Kwok, Chairman Sa Sa Holdings, said, “As store rental is one of the largest operating expenses, the group has begun to downsize its store network according to store performance, business circumstances in each district and the extent of rental reduction.”