Oriental Daily A1: Businesses retreat due to economic crisis

The cold economic wind is blowing across Hong Kong. After the Lunar New Year consumption wave has passed, there are reports of closures in all walks of life in Hong Kong, including time-honored shops that have been operating for more than 70 years, as well as chain restaurants and neighborhood shops. Japanese restaurant with multiple branches…

Businesses are forced to retreat amid economic difficulties

Amid the raging epidemic, businesses under economic difficulties have cut their cords and retreated. This is not only an economic crisis, but also an existential crisis. After many years of operation, many time-honored stores failed to cope with the economic downturn and announced their closure, which made people sigh.

The Dilemma of Time-honored Stores

Those time-honored shops that have been operating for more than 70 years were once the mainstay of Hong Kong's economy, but now they are struggling to survive in the economic cold. They face rising rents and increased labor costs, making it difficult for them to stay in business.

Chain restaurant challenges

Chain restaurants are no exception. Faced with the impact of the epidemic and economic difficulties, they have announced the closure of branches or overall withdrawal. These once-famous chain restaurants are now unable to escape the test of the economic downturn.

The survival challenge of neighborhood shops

As part of the local economy, neighborhood shops also face challenges to survive. During the epidemic, the flow of people and consumption dropped, making it difficult for these small shops to maintain operations. Many neighborhood shops have closed down, which makes people feel distressed.

• Under the cold economic wind, it is a real problem for all industries to retreat.
• The government should increase support for affected industries and help them tide over the difficulties.
• We hope that the epidemic will pass soon, the economy can gradually recover, and all industries can regain their glory.