Hong Kong Tycoons Struggle in Retail as Residents Flock to China [BNN Bloomberg (Canada)]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
NASDAQ:AMEX Investor Relations:
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Company Research
Source: BNN Bloomberg
CK Hutchison Holdings Ltd., which on Thursday reported its steepest drop in profit since 2015, is re-thinking consumer offerings as its retail businesses in Hong Kong face pressure from the outflow of residents. The group, part of billionaire Li Ka-shing's sprawling empire, is now adding more health-related products in shops located in tourist-heavy districts to attract mainland Chinese shoppers, deputy managing director Dominic Lai said at a briefing. It's also sourcing more products for its supermarkets from across the world, including mainland China, he said. CK Hutchison's retail business spans supermarkets to A. S. Watson, the world's largest international health and beauty retailer. “Inevitably, many residents heading north to shop in nearby cities have affected their consumption sentiment in Hong Kong,” Lai said. “Our group's retail business in Hong Kong has also felt the pressure.” Read More: Young Hong Kongers Who Defied Xi Are Now Partying in China CK Hutchison is a
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