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Reuters
Published
Jan 8, 2016
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Chow Tai Fook expects 5-6 store closures in Hong Kong this fiscal year

By
Reuters
Published
Jan 8, 2016

Chow Tai Fook Jewellery Group Ltd , China's top jewellery retailer by market value, said on Friday it expects to close five to six shops in Hong Kong this fiscal year ending March, as the city grapples with a slowdown in tourism.


Managing Director Kent Wong also said on a telephone conference call that the former British colony remains a challenging business environment due to the strong Hong Kong dollar, which is pegged to the greenback.

The company said its overall retail sales fell 11 percent in value terms for the three months ended in December, as compared to a 10 percent drop in the same period a year ago.
 

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