HONG KONG — When Jacky Yu, 48, opened his Japanese gift shop in Hong Kong more than a decade ago, the tourist and shopping district of Mong Kok was a bustling hub packed with stalls, street food and tourists. Fast-forward 12 years and parts of the area are struggling to stay afloat, a combination of customers emigrating, locals heading across...
People walk past a closed-down retail shop in Tsim Sha Tsui, Hong Kong, China April 29, 2024.HONG KONG — When Jacky Yu, 48, opened his Japanese gift shop in Hong Kong more than a decade ago, the tourist and shopping district of Mong Kok was a bustling hub packed with stalls, street food and tourists.
Edmund Wong, an accountancy sector lawmaker, told the city's legislature last Friday that more than 20,000 companies had deregistered in the first quarter of 2024, up more than 70 per cent from the same period last year. "I don't think the Golden Week will help much," said Wendy, 54, who works at a noodle shop in Mong Kok's Ladies Market.Hong Kong residents are also deserting local shops and increasingly travelling across the border to the southern Chinese city of Shenzhen for food and entertainment, where they say prices and service are better.
After Hong Kong reopened its border post-pandemic with China last year, the Tourism Board recorded a 38.9 per cent drop in mainland visitors in 2023, compared with 2019 before the pandemic.
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