Retailers in Hong Kong have launched themselves into a rare battle with the city...
) — have slashed February base rents and some have extended the cuts to March. But retailers say this is still too much to bear.
More brands will join a second strike, retailers told Reuters, with the aim to get landlords to charge just turnover rent until health measures such as the school suspension and a partial mainland China border closure are revoked. Industry sources say food and beverage contracts pay around 8-15% of sales, fashion 15-20%, jewellery and watches 3-8% and supermarkets 6-8%.
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