First pro-democracy protests rocked the city and then COVID-19 restrictions were put in place. Even though Hong Kong has so far managed the coronavirus crisis well, shop keepers have suffered since the fall, some losing almost 60 percent of revenues in the process. Jewellery shops were hit hardest, losing 58 percent of their revenues between October and March, experiencing a drop in collective revenues from $505 million to $214 million. Electronics shops, clothing stores and medicine & cosmetics shop weren't far behind.
Many shopkeepers now doubt they can keep their doors open. Bloomberg reported that, according to the Hong Kong Retail Management Association, 150,000 shops in the city might close for good if they don't receive more substantial rent reductions.
Small food stores fared a little better, losing only 17 percent of sales, according to the Hong Kong Census and Statistics Department. Supermarkets, like elsewhere in the world, actually profited from the crisis, gaining 15 percent in revenue during the same time period.