World’s Second Largest Jeweler to Shut Down About a Fifth of Its Hong Kong Stores
- Closures set for tourism spots such as Causeway Bay, Mong Kok
- Retailers start to cut losses as protests enter eighth month
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Chow Tai Fook Jewellery Group Ltd. said it plans to shut about 15 of its Hong Kong stores after their leases expire this year, in a sign that major retailers are starting to withdraw from the city’s economy as anti-China protests continue.
In the first significant pullback by a luxury retailer after months of fiery demonstrations that have driven tourists away, the world’s second-most valuable jewelry chain said in an emailed statement Tuesday that it will not renew the leases of a “mid-teens” number of stores in the year starting April.