Editorial | Struggling businesses in Hong Kong must adapt to survive amid changing trends
Hong Kong restaurants and retailers in crisis as more people go to mainland China for entertainment and shopping
That Hong Kong restaurants and retailers are struggling to stay afloat amid changing consumption patterns and lifestyles in the wake of the pandemic is a painful reality.
Unfortunately, not all businesses are managing to survive as pressure arising from the trend towards online shopping and cross-border entertainment bites deeper.
Instead of pinning their hopes on a seasonal boom or a robust economic upturn in the long term, it would do well for those hurting badly to adjust and adapt to the current conditions.
The estimated 10 to 15 per cent fall in restaurant receipts for last week’s Mid-Autumn Festival may not appear too bad at first glance. But, coming after a series of blows to takings as a result of holiday exoduses by Hongkongers during the year, the accumulated impact may prove damaging.
More than 818,000 residents left the city for the festival between Sunday and Tuesday, most of whom entered the mainland via land crossings. But inbound visitors only numbered around 440,800 during that time, according to data from the Immigration Department.
The negative impact on domestic consumption is all too clear.
