Hong Kong Expects 1/4 of Retail Stores to Close by End-2020: Report

A man wearing protective mask walks past a closed shop covered with advertisements for rental space at Mongkok, following the outbreak of the COVID-19, in Hong Kong, China, on March 13, 2020. Tyrone Siu/Reuters

The Hong Kong Retail Management Association (HKRMA) said on April 16 that about 25 percent of retail stores in the Asian financial hub were expected to close by the end of the year despite fresh government relief measures against the fallout from the CCP virus pandemic.

Some 2,000 stores are seen closing in the February-April period, with 3,200 shops expected to shut down in May, according to a survey by HKRMA, conducted before the government announced the new relief measures for smaller firms.