Consumer
Hong Kong Cosmetics Giant Raises Doubts Over Tourism Revival
- Economy bellwether plans to open up to seven stores this year
- Rise of rival shopping hubs set to stymie Hong Kong’s recovery
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Hong Kong’s biggest cosmetics chain plans to open just a handful of new stores this year after shutting dozens during the pandemic as doubts remain that the city will return to its pre-Covid heights as a shopping mecca.
The cautious outlook from Sa Sa International Holdings Ltd. reflects broader pessimism over the pace of the financial hub’s economic recovery after Covid curbs were eased, with Chief Financial Officer Danny Ho expecting sales to take until 2026 to return to pre-pandemic levels, while tourists’ contribution to revenue may decline to 60% from 70%.