2016年CRI Decline Narrowed, but Pessimism Remains about Retail in HK

 

Hong Kong's retail¹ sector² has shown signs of recovery for the second month, as the decline eased to 7.5 per cent in April from 9.8 percent a month earlier.

But this is the 14th month in a row that retail sales have declined, the longest contraction³ period since the Asian Financial Crisis in the late 1990s.

The chairman of the Hong Kong Retail Management Association, Thomson Cheng, believes the downward trend will continue for the rest of the year.

"Price reduction and promotional campaigns will last till the end of June or early July, so I think the decline of retail sales should slow down a bit. But does it mean it is going to rebound⁴ any time soon? I don't think so. It will continue to fall. Retailers⁵ will have a hard time throughout this year."

Sluggish⁶ retail sales have already had an effect on sky high rents in Hong Kong, with prices slashed⁷ by half in some traditional shopping areas. Many stores no longer renew their leases when they end, and "to let" signs have been a common sight on the streets for many months. As a result, daily rental⁸ or pop-up stores have become popular.

Daniel Wong is executive director of Midland Realty.

"It is more flexible for the tenants⁹, who would like to try the market first. They sell all kinds of goods, electronics, phone products, snacks and so on. It is also good for the landlords because they don't have to leave the shop idle. "

Retail sector legislator Vincent Fang¹⁰ says the government should do more to support retailers in such an adverse¹¹ environment.

"The government should set up some schemes to attract local residents to consume more, or attract more visitors, that would stabilize¹² the retail sector. We cannot overly rely on mainland tourists, and we should develop tourism in a more balanced way. "

At the same time, the Index of Consumer Sentiment in Hong Kong has sunk to the lowest level in more than three years to 88, showing that local residents remain pessimistic about the economic outlook.

Angel Young is the Managing Director for Nielsen Hong Kong and Macau.

"People in Hong Kong are less confident about the outlook in the wake of a slower global economy. We have also seen the retail sector dragged down by fewer mainland tourists. So I am being prudent¹³ with the index in the next six months."

The first four months of this year have seen a 12 percent fall in mainland tourists to Hong Kong, with a smaller decline in April. The Hong Kong government says it's keeping a close eye on the numbers to monitor the trend.

1 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

2 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

3 contraction   

n.缩略词，缩写式，害病

参考例句：

• The contraction of this muscle raises the lower arm.肌肉的收缩使前臂抬起。
• The forces of expansion are balanced by forces of contraction.扩张力和收缩力相互平衡。

4 rebound   

v.弹回；n.弹回，跳回

参考例句：

• The vibrations accompanying the rebound are the earth quake.伴随这种回弹的振动就是地震。
• Our evil example will rebound upon ourselves.我们的坏榜样会回到我们自己头上的。

5 retailers   

零售商，零售店( retailer的名词复数 )

参考例句：

• High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
• Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。

6 sluggish   

adj.懒惰的，迟钝的，无精打采的

参考例句：

• This humid heat makes you feel rather sluggish.这种湿热的天气使人感到懒洋洋的。
• Circulation is much more sluggish in the feet than in the hands.脚部的循环比手部的循环缓慢得多。

7 slashed   

v.挥砍( slash的过去式和过去分词 )；鞭打；割破；削减

参考例句：

• Someone had slashed the tyres on my car. 有人把我的汽车轮胎割破了。
• He slashed the bark off the tree with his knife. 他用刀把树皮从树上砍下。 来自《简明英汉词典》

8 rental   

n.租赁，出租，出租业

参考例句：

• The yearly rental of her house is 2400 yuan.她这房子年租金是2400元。
• We can organise car rental from Chicago O'Hare Airport.我们可以安排提供从芝加哥奥黑尔机场出发的租车服务。

9 tenants   

n.房客( tenant的名词复数 )；佃户；占用者；占有者

参考例句：

• A number of tenants have been evicted for not paying the rent. 许多房客因不付房租被赶了出来。
• Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。

10 fang   

n.尖牙，犬牙

参考例句：

• Look how the bone sticks out of the flesh like a dog's fang.瞧瞧,这根骨头从肉里露出来，象一只犬牙似的。
• The green fairy's fang thrusting between his lips.绿妖精的尖牙从他的嘴唇里龇出来。

11 adverse   

adj.不利的；有害的；敌对的，不友好的

参考例句：

• He is adverse to going abroad.他反对出国。
• The improper use of medicine could lead to severe adverse reactions.用药不当会产生严重的不良反应。

12 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

13 prudent   

adj.谨慎的，有远见的，精打细算的

参考例句：

• A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
• You must school yourself to be modest and prudent.你要学会谦虚谨慎。