Bars business pick up over Easter, but not eateries
Bars business pick up over Easter, but not eateries
Allan Zeman said business for Lan Kwai Fong establishments was up by 15 percent over the Easter break. File photo: RTHK
The restaurant and bar trade has expressed mixed sentiment over trade this Easter, after 1.6 million or so SAR residents left the city in the first three days of the holiday, figures from the Immigration Department revealed.
Allan Zeman, who chairs the Lan Kwai Fong Group, told RTHK that he was pleasantly surprised to learn that bar receipts picked up over the holiday.
"I would say that it was up about 15 percent, in some cases 20 percent, depending on some of the different bars," he said.
"I was very pleasantly surprised. Because I was definitely expecting a 20 to 30 percent drop."
He also noted a change in the tenant mix, saying more eateries are now serving Chinese cuisine to cater to the growing number of mainland customers.
But the Federation of Restaurants and Related Trades painted a grim picture, saying business citywide fell by around 30 percent.
President Simon Wong said the large number of people leaving the SAR definitely had an impact.
"Most restaurant business being hurt are those middle- and high-class restaurants because a lot of people who are willing to pay for their meals, they would rather spend their time outside of Hong Kong, especially to some Southeast Asian countries and also to the mainland."
James Robertson, who owns half a dozen bars and restaurants across the city, revealed that business was down 25 percent compared to a year ago.
"No business can survive a 25 percent drop in sales. That just isn't possible," he said.
"Generally speaking, the landlords are not that sympathetic because they've got their own issues about valuation and property valuations and rentals that they need.
"But we can't survive. You can't have landlords demanding the same rent in a market that's down 25 to 30 percent. It doesn't deserve that kind of rent."
There is still hope on the horizon, Wong said, pointing to the Labour Day "golden week" holiday which starts next week.
He expects a 15 percent boost in business across the catering sector as mainland tourists visit the SAR during the five days of public holiday, including those from Shenzhen who can apply for multi-entry visas.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTHK
32 minutes ago
- RTHK
Local stocks fall while oil prices spike
Local stocks fall while oil prices spike Local and mainland stocks have fallen, while oil prices jumped to their highest level since January. File photo: RTHK The Hang Seng Index fell 194 points or 0.83 percent to open at 23,335 points on Monday. Mainland stocks also opened lower, with the benchmark Shanghai Composite Index down 0.31 percent to open at 3,349 points. The Shenzhen Component Index opened 0.55 percent lower at 9,950 points. Meanwhile, oil prices jumped on Monday to their highest level since January as the United States' weekend move to join Israel in attacking Iran's nuclear facilities stoked supply worries. Brent crude futures was up US$1.92 or 2.49 percent at US$78.93 a barrel as of 0117 GMT. US West Texas Intermediate crude advanced US$1.89 or 2.56 percent to US$75.73. Iran is OPEC's third-largest crude producer. (Agencies)
RTHK
15 hours ago
- RTHK
'New Payment Connect service is fast and convenient'
'New Payment Connect service is fast and convenient' The Monetary Authority said Payment Connect had a smooth start on Sunday. File photo: RTHK Finance sector lawmaker Ronick Chan on Sunday said a new cross-border electronic payment service is convenient for both Hong Kong and mainland people. His comment came as the Payment Connect had a smooth start, with thousands of payments made on the first day of operation. There were 2,000 northbound transactions and 7,400 southbound payments made as of noon on Sunday, according to the Monetary Authority. The new service links up Hong Kong's Faster Payment System with the mainland's Internet Banking Payment System, allowing FPS users to transfer up to HK$10,000 a day per account to the mainland, with an annual cap set at HK$200,000. Speaking to RTHK, Chan said the new system has proven to be a quick and easy money transfer mechanism. He said in the past, remittances had to be handled by banks during office hours and the process took one to two days to be completed. 'Right now, it takes just a few seconds' time to complete the whole transaction. I think it really offers members of the public in both the mainland and Hong Kong a very convenient way of completing their money transfer,' he said. Chan also said the current limit for transactions is sufficient for users, adding that people can transfer money via different bank accounts if necessary.
RTHK
20 hours ago
- RTHK
HK's financial centre position strengthening: FS
HK's financial centre position strengthening: FS Paul Chan said the SAR's economy has demonstrated strong resilience, achieving nine consecutive quarters of GDP growth. File photo: RTHK Financial Secretary Paul Chan says Hong Kong's position as an international financial centre is strengthening, citing increased trading volumes and its leading global IPO market. Writing in his weekly blog on Sunday, Chan said the SAR's economy has demonstrated strong resilience, achieving nine consecutive quarters of GDP growth and surpassing HK$3 trillion. He said the stock market regained an upward trajectory over the past year, marked by significant increases in trading volume, with the average daily turnover now exceeding HK$240 billion. Chan noted that since Hong Kong Exchanges and Clearing added chapter 18A to its main board listings rules – enabling listings for biotech companies without revenue or profits – the number of such companies has risen significantly. "Since the implementation of the '18A' reform in 2018, the number of newly listed companies in the new economy and biotechnology sectors has risen to about 370, accounting for approximately 14 percent of all listed companies, with a market capitalisation share exceeding 27 percent and trading volume share surpassing 30 percent," he said. "The '18C' reform introduced in 2023, along with the recent proposal for a 'Technology Enterprises Channel' and the facilitation of the return of China concept stocks listed in the United States, reflects our ongoing assessment of circumstances and commitment to reform, continually enhancing the attractiveness and competitiveness of the stock market." Turning to innovation, the finance chief reported significant investment in research and development (R&D) and growth in start-ups, expressing expectations for Hong Kong to become a top cross-border wealth management hub. "Innovation and technology is another important engine for Hong Kong's economic development. Local R&D expenditure approached HK$33 billion in 2023, rising 10 percent year-on-year. The number of local start-ups reached a record high of about 4,700 by the end of last year," he said. "Science Park and Cyberport, as flagship innovation and technology hubs, have nurtured and supported 22 listed companies and 20 unicorns, with their start-ups holding over 700 intellectual property rights." Chan also said he will lead a delegation of about 30 start-up representatives to the World Economic Forum's Annual Meeting of the New Champions in Tianjin. He said the goal is to introduce Hong Kong's examples in innovative technology R&D and application to international investors and innovation leaders.
