Vendors at Hong Kong’s Lunar New Year Fair Seek Incentives to Combat Retail Challenges

Vendors Seek Assistance as Retail Market Dips

As the Lunar New Year approaches, vendors participating in Hong Kong's largest fair at Victoria Park are raising alarms about their business outlook. Recent reports indicate a concerning drop in stall prices, with one vendor highlighting prices falling to their lowest in 17 years.

Auction Results and Price Drops

• The Food and Environmental Hygiene Department offered 395 stalls, with a significant drop in bids.
• Fast food stall prices fell 17% from HK$220,000 to HK$182,000.
• Wet goods stalls have seen an 11% reduction, now averaging HK$75,000.

Vendor Experiences and Recommendations

Cat Lau, a veteran vendor, notes that many are reconsidering participation due to low profitability. He suggests potential government support, such as contributing to costs related to electricity or scaffolding.

1. Many vendors expect continued drops in business, with estimates between 10%-30%.
2. Ben Au advocates for a designated student zone at the fair to minimize competitive disadvantages.

Economist Simon Lee Siu-po points to alarming retail figures, calling for a new approach to the fair structure that embraces innovative offerings similar to those found in Shenzhen, Shanghai, and Nanking.

Collaborative Efforts Needed from Government Departments

The call for change highlights the need for better coordination between government departments to adequately respond to the competition and shifting retail landscape. By integrating entertainment and affordable options, the traditional fair could regain its vibrancy.