New | Hong Kong’s Sincere Company urges government to support efforts to boost retail, help restore momentum
Philip Ma King-huen, chairman of the 116-year-old Sincere Company, believes city lost its ‘feel good factor’, believes help is needed to bring back consumer confidence
Hongkongers are living in a city overwhelmed by social conflict and the grievances of its young, and need to get their mojo back, according to one of the city’s leading retailers.
One way to restore confidence would be for the government to join hands with big business to organise a big promotional shopping campaign, said Philip Ma King-huen, chairman of the 116-year-old Sincere Company, Hong Kong’s first Chinese-owned department store.
“Hong Kong’s feel good factor has gone,” Ma told the South China Morning Post.
“Frankly speaking, you will not shop for a single shirt or another pair of shoes if you don’t feel good. We need more positive momentum to move the city forward,” he said.
Hong Kong retail sales have been falling for almost a year, and the most recent numbers show they were down a steep 13.6 per cent in the first two months of 2016 alone, the biggest slump since 1999.
Sincere, which operates six stores in Hong Kong, lost HK$93 million for the six months to August 2015.
