【明報專訊】HONG KONG'S RETAIL INDUSTRY is in difficulties. Despite the large number of mainland tourists visiting Hong Kong during the last National Day Golden Week holiday, the retail sector described that it had not generated high revenues. Consumption by local residents, in contrast, was a pleasant surprise thanks to a series of National Day promotions.
The consumption pattern of mainland visitors has changed, and the outbound "explosive buying" is no longer a trend. However, even if the spending power of mainlanders gradually recovers in the future, if Hong Kong's commodities and services lack distinctiveness and competitive pricing, and are not good value for money, mainland visitors will still not consider splashing cash in Hong Kong.
The stock markets have indeed been flourishing over the past week, which has a certain effect on stimulating residents' desire to spend money. However, the fact that people did not choose to travel northward to the mainland but stayed in Hong Kong to spend money was mainly due to the appeal of discounts. This goes to show that high cost and high prices are exactly the major factor causing the difficulties of the local retail industry by weakening its competitiveness.
It might be reasonable to say that the catering industry, due to its high demand for manpower, has had higher expenditure because of labour costs. For small- and medium-sized retail businesses with less demand for staff, however, the pressure on operations exerted by rental costs is even more worthy of concern.
Sky-high rents have always been a problem for Hong Kong's retail stores. While rents have fallen in recent years due to the economic downturn, the retail industry is also experiencing dwindling sales volumes, so much so that many businesses have closed down one after another as they could not afford high rents. According to industry insiders, it is easier to negotiate a rent reduction when a business renews the tenancy agreement with the landlord. But very often, the reduction is not as drastic as the decline in business. It would be even more difficult to negotiate in-contract rent reductions.
Figures from the Rating and Valuation Department show that in July this year, the average monthly rent per square metre of private retail buildings dropped in Hong Kong Island, Kowloon and the New Territories compared with the same period in 2019. But while there were two-digit drops in Hong Kong and Kowloon, in the New Territories it was only 1%. Compared with July last year, rents in Hong Kong Island and the New Territories actually rose by 5% and 11% respectively, with only Kowloon experiencing a 5% fall. While the decline of Hong Kong's status as a shoppers' paradise can be attributed to many reasons, rental costs are definitely one of the influencing factors.
Hong Kong's economic competitiveness has long been whittled away by high land prices, high property prices and high rents. The current predicament of the retail industry is just another indictment of this reality. The reform of Hong Kong should be about dealing with these deep-seated structural problems. To survive in these adverse situations, retail businesses must strive to innovate, provide better value for money and improve service quality.
Take the pharmacy industry. Gone are the days when they could rely on mainland customers bulk buying their products. Even if the restriction on the purchase of powdered formula is lifted, it will be unlikely for the industry to revive overnight. The Hong Kong General Chamber of Pharmacy believes that the industry should turn to specialised services such as drug consultation and advice in the long run. While it is unknown whether this can be achieved, it at least reflects a positive attitude towards change. The government should start with policies to help the retail industry achieve value-added transformation.
明報社評 2024.10.09：黃金周旺丁不旺財 零售業未走出困局
本港零售業陷困，剛過去的內地十一國慶黃金周長假期，訪港內地客雖多，但零售業界形容是「旺丁不旺財」，反而本地居民消費在連串國慶優惠帶動下有驚喜。
內地旅客消費模式轉變，外遊「爆買」狂潮不再，然而就算內地客消費力未來逐步恢復，如果香港商品及服務既無特色亦無價格優勢，性價比又不高，內地客依然不會考慮在港大手消費。
誠然，過去一周股市暢旺，對刺激市民消費意欲有一定作用，但市民沒有選擇北上而是留港消費，一大原因正是優惠價夠吸引。這一情况其實正正反映了，本港零售業陷困，其中一個重要原因是成本高價錢貴，削弱了競爭力。
餐飲業人手需求大，說人工成本推高開支，也許還說得通，但中小型零售商戶人手要求相對較少，租金成本所造成的經營壓力，其實更值得關注。
本港零售店租一向高昂，近年雖受經濟不景影響，租金有所回落，問題是零售業生意額同樣下跌，不少商戶都因為捱不住貴租相繼結業。根據業界說法，商戶重新續租時，較易與業主商討減租，但幅度往往不及生意跌幅，未完約想談減租，更是難若登天。
差估署數字顯示，今年7月份港九新界私人零售業樓宇每平方米平均月租，雖較2019年同期有所下跌，當中港九跌幅達雙位數，但新界跌幅僅為1%；若與去年7月比較，港島跟新界租金更分別升了5%及11%，只有九龍下跌5%。香港購物天堂褪色，原因不一而足，但租金成本肯定是其中一個重要影響因素。
香港經濟競爭力，長期受高地價、高樓價、高租金所蠶食。當下零售業陷困，不過是再次突顯這一現實。香港要改革，就是要處理這些深層結構問題。零售商戶逆境求存，當然要致力推陳出新、提升性價比，以及提高服務質素。
以藥房業為例，依賴內地客掃貨的歲月，已經一去不返，就算取消實施超過10年的「限奶令」，也不見得有「起死回生」之效。藥房總商會認為行業長遠應轉向專業化，包括提供藥物諮詢及建議等服務，雖然未知是否行得通，但至少反映了積極求變的態度，政府應從政策方面入手，協助零售業界轉型增值。
/ Glossary生字 /
flourish：to develop quickly and be successful or common
drastic：extreme in a way that has a sudden, serious or violent effect on sth
whittle away：to gradually reduce the amount or effectiveness of sth, especially sth that you think should not be reduced
Audio files provided by John W
休刊小啓：英文社評 將於10月11日（星期五）休刊一天。編輯部