One of the world’s biggest jewellery retailers is considering closing a significant portion of its Hong Kong portfolio, as months of protests in the territory have frightened off tourists and hammered retail spending.
Chow Tai Fook Jewellery Group said on Tuesday that it was looking at closing a number of its 91 outlets in the city, which is mired in its worst recession since the global financial crisis.
Chow Tai Fook said it would review the leases on 40 of its shops that were due to expire in the next financial year, which runs from April 2020 and March 2021. It could close up to 15 of those, according to an emailed statement from the Hong Kong-based company.
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