What happens when your stores are blocked with protestors every weekend.
Hong Kong retail sales have tanked since protests began. In the months leading up, retail sales had been contracting year-over-year for four consecutive months. The reading for May came in at -1.4%, but once protests took effect the following month, retail sales collapsed to a -6.7% growth rate. Conditions have only worsened from there as retail sales contracted 23% YoY in August. That is the worst contraction in the history of the data going back to 2006, surpassing the previous low of -20.6% in February 2016.