Chamber's News - April 9, 2020
Italian Chamber Report – Impact of Covid-19 on the Retail Industry
The Italian Chamber of Commerce in Hong Kong and Macao, in collaboration with the French Chamber of Commerce and Industry in Hong Kong, has conducted a survey to understand the Covid-19’s impact on the Retail business and the potential areas of intervention to support enterprises.
A formal letter, along with the report, has been sent on April 8 to the Financial Secretary, Paul MP Chan and to the Secretary for Commerce and Economic Development, Edward Yau, proposing possible initiatives such as:
- The launch of employment credit schemes aimed at reducing the impact of the cost of personnel to avoid further reduction of employees.
- A rental relief package for tenants of shops and stores to reduce the burden of rental costs on total fixed costs of retail companies.
Among the main findings of the survey:
- Over 60% of the companies operating within the Retail Industry have already closed or planned to close their stores or shops (80 venues already confirmed as closed, potentially up to 250).
- More than 40% of respondents are already implementing compulsory paid leave for their employees, while another fraction of them (27%) is also adopting unpaid leave.
- Around 36% of the companies have already reduced the number of employees, and an additional 16% will do so in the near future.
Read the full report at the following link.