HONG KONG — Retail sales in Hong Kong fell for the 12th straight month in Febru, underscoring the plight of merchants and hotels as local residents flock across the border to Shenzhen while mainland travelers rein in spending in the city.
The city’s census and statistics department tallied 29.4 billion Hong Kong dollars ($3.77 billion) of retail sales in Febru, down 13% on the year and much steeper than Janu’s 3.1% drop. It was the first figure in double digits since last August.
