THE WHAT? Sasa has revealed that it will open just five to seven stores across Hong Kong and Macau this year, despite shrinking its network by a third over the course of the pandemic, according to a report published by Bloomberg.
THE DETAILS The Hong Kong-based perfumery chain’s conservative store opening schedule reflects Hong Kong’s continuing low tourist numbers – down 74 percent in February compared to 2019 figures as well as the emergence of rival shopping hubs in Macau and Hainan.
THE WHY? Sasa is exercising caution in the face of uncertainty in the Island’s ability to tempt back tourists now China’s zero-Covid policy has been lifted. CFO Danny Ho said that sales aren’t expected to return to pre-pandemic levels for at least three years.
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