Sa Sa International to close 15-20 Hong Kong stores | Retail Asia
,Hong Kong

Sa Sa International to close 15-20 Hong Kong stores

It will have 38 retail leases expiring by March 2022.

Hong Kong-based health and beauty retailer Sa Sa International is expecting to close 15-20 stores in Hong Kong in the next year, as the decline in tourist arrivals brought a drastic impact to its retail stores in tourist areas, the company said in its financial statement.

“The group continued to streamline its store network and close heavily-overlapping stores in tourist districts based on the premise of retaining its customers whilst lowering rental and other  costs of physical retail stores,” the company said.

Sa Sa noted that it will have 38 retail leases expiring in the financial year ending March 2022 in Hong Kong.

As of 31 March, the total number of Sa Sa’s retail stores in Hong Kong and Macau declined from the peak of 118 two years ago to 100, with a net drop of 12 as compared to previous year. All closed stores were located in Hong Kong, which over 80% were located in tourist districts.

For the stores remaining in operation, the group negotiated for temporary rental concessions and rental reduction upon renewal of the leases. Total savings from actual rental expenses amounted to $30.71m (HK$238.4m) in the year as compared to previous year, the company said.

Get Retail Asia in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

55% of consumers are frustrated with long log-in and sign up forms.
The platform can issue authenticity certificates with a team of watch appraisers.
It is rolling out a series of promotions including an instant win game.
Some are introducing, expanding, or shortening their quick delivery services.
The flagship store will be open by the spring of 2022.
The store will bring over 800 brands, including those in the electronics sector.
One store caters to travellers, whilst the other is available only to airport staff.
Department stores in the capital have recently become hotbeds of infection.
Winners were awarded via digital award presentations on 12-16 July.
More shoppers are influenced by amusing, short videos when it comes to trying out new products.
Real household spending will continue to fall below pre-pandemic levels in the coming years.
Contrary to the popular stereotype, Singaporean men are more price-conscious than Singaporean women.
Singapore undergraduate teams will compete for $8,000 and an internship with Lazada.
Chain operators are especially expected to grow at a higher rate.