15-1-2020
Chow Tai Fook (CTF) is planning to shut about 15 over 40 of its stores in Hong Kong which leases are due to expire in the 2021 financial year, mainly located in tourist districts such as Causeway Bay, Mong Kok and Tsim Sha Tsui.
The jeweller’s retail sales fell 38 percent in Hong Kong and Macau in the third fiscal quarter ending 31 December amid ongoing protests since the middle of 2019, fluctuating gold prices and US-China trade tensions. The number of tourists coming to the city plunged over 50 percent during Christmas season. According to government data, luxury items such as jewellery and watches took the hardest hit with a 43.5 percent plummet.
It is now focused on the mainland China market, where third-quarter sales saw 17 percent growth, and in an attempt to add 600 more new stores.
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