Uselect, a well-known supermarket chain in Hong Kong owned by China Resources Group, has announced the closure of additional branches, including the notable Queen’s Terrace store, which will shut down on October 23. This move comes as part of a broader contraction in the company’s retail footprint, shrinking from about 100 stores last year to just 40 today. Uselect’s struggle is indicative of Hong Kong’s wider retail and economic woes, driven by a sharp decline in consumer spending and growing competition from both local retailers and mainland Chinese chains.
The challenges Uselect faces are not isolated. As residents of Hong Kong increasingly opt to shop in nearby mainland Chinese cities, spurred by better pricing and broader options, the local retail market has been left vulnerable. This shift in consumer behavior, further complicated by the economic slump following the Covid-19 pandemic, has led to a notable number of retailers and restaurants closing across the city. Uselect’s closures highlight the broader implications of a struggling retail environment in Hong Kong, where businesses are grappling with a post-pandemic reality that includes lower footfall and tightened budgets among consumers.
As Uselect’s presence diminishes, it underscores a broader trend in the city’s economic landscape, where local businesses are feeling the pinch of increased cross-border shopping and a weakened economy. The future of retail in Hong Kong is at a crossroads, with companies needing to innovate and adapt to shifting consumer preferences in order to survive.
About Uselect Uselect has been a staple in Hong Kong’s supermarket scene, providing a range of grocery products for the city’s residents. However, with the current closures and downsizing, it remains uncertain how long the chain will be able to weather the economic storm.
This move follows a trend of other businesses and restaurants also shutting their doors due to the region’s economic uncertainty, leaving a gap in the local market that mainland retailers may further capitalize on