HK protests bring record retail sales slump of 23%

HONG KONG: Months of protests in Hong Kong are taking an increasing toll on the city’s economy, with retail sales declining by a record amount in August.

Luxury goods such as jewelry and watches are common purchases by mainland tourists, and the value of those sales slid by almost half in August. The city’s days as a luxury hub are numbered, said Jefferies Ltd analyst Flavio Cereda, and brands are likely to rethink their presence there. Prada SpA is leading the exodus and plans to close its largest Hong Kong location in Causeway Bay after its lease expires next year.“Hong Kong is a disaster, like for everybody” said Miuccia Prada, the company’s designer and co-CEO, in an interview after a runway show in Paris on Tuesday.

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