By South China Morning Post | Created at 2024-10-08 05:43:24 | Updated at 2024-10-08 11:43:11
6 hours ago
A health product chain under state-owned company China Resources Group will close its 19 branches in Hong Kong due to “external uncertainties and various operational challenges”.
CRCare wrote on social media on Tuesday that it would shut all stores in the city on November 8, urging customers to redeem products or vouchers with reward points before that day.
The company also said it would stop accepting new reward scheme members or giving out points from Tuesday.
Local retail sales have shown no signs of rebounding in recent months, prompting many companies to close down branches, including Uselect, Pricerite and Tom Lee Music, among others.
According to the latest government statistics, Hong Kong’s retail sales declined for a sixth straight month year on year in August, falling by 10.1 per cent to HK$29.2 billion.
Authorities have attributed the retail scene’s performance to increasing outbound holiday travel, a relatively strong Hong Kong dollar and changing consumer habits, such as residents opting for cheaper goods and services across the border.
