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Mia Castagnone

Bobo Chan

Hong Kong’s restaurant sector, slammed by the anti-government protests and the Covid-19 pandemic, is slowly recovering from the twin blows of the past two years amid a steadily improving local economy.
The food and beverage (F&B) sector has also benefited from the government’s consumption voucher scheme to boost local spending. And with retail rents still subdued, restaurant operators are looking to cash in on the upswing.
Among them is Sang Kee Restaurant, which has been serving authentic Cantonese dishes for the past 45 years. This year’s winner of the Michelin Guide’s Bib Gourmand award, which recognises friendly establishments that serve good food at moderate prices, is teaming up with Golden Bauhinia Cantonese Restaurant to open its third outlet at the Hong Kong Exhibition and Convention Centre in Wan Chai.
“We want to introduce Guangdong cuisine to more people outside Hong Kong,” said Dicken Wong Lap-yan, who has been running the restaurant since his father died in 1999. “We may not have this opportunity when the market is good.”
The Golden Bauhinia Sang Kee Restaurant, which will serve guests from next month, is spread over 6,000 sq ft and can accommodate 150 people, he added.


Overall restaurant sector receipts last year shrank to HK$79.4 billion (US$10.2 billion) from HK$112.5 billion in 2019, as the government-mandated social-distancing regulations to contain the coronavirus pandemic and vanishing tourists hammered the industry, government data showed.
Financial Secretary Paul Chan Mo-po said last Sunday the HK$36 billion e-voucher scheme was aimed at accelerating the city’s economic recovery, saying the and that its effects from the stimulus would be felt this month.
The F&B industry is seeing slow, stable recovery after declining between 20 and 30 per cent year on year in 2020, said Emily Leung, a senior research and consulting analyst at market research provider Euromonitor.
Some chain restaurants were expanding in Hong Kong following the challenges of the last two years, said Leung, adding that some franchises like Sukiya and Sushiro serving Japanese cuisine have particularly seen accelerated growth.
The outlook for restaurant operators and other retailers looks good for now as they can expect rents to remain steady before ticking upwards as the economy recovers, said market observers.
Retail rents, having fallen by an average of more than 40 per cent in 2020, have now stabilised, said Lawrence Wan, head of advisory and transaction services at property consultancy CBRE.
As a result, some entrepreneurs were locking in long-term leases for street shops.
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Speciality grocery store owner Andrew Choi said rent cuts of nearly 50 per cent have helped his business survive in the last year and also gave him the opportunity to expand at the same time.
“We opened a new store last month in Mong Kok,” said Choi, adding that he was paying around HK$100,000 a month, about 40 per cent less than the previous tenant.
Sang Kee’s Wong expressed the same sentiment about his expansion plans.
“We may not have this opportunity when the market is good as we will face keen competition,” he said.
Additional reporting by Peggy Sito


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Business

Property

Hong Kong & China


Sang Kee, a Hong Kong fixture since 1976, is opening its third outlet in partnership with Golden Bauhinia at the Hong Kong Exhibition and Convention Centre
Restaurant operators are taking advantage of the economic recovery, consumption vouchers and falling rents to open new branches



Sang Kee is opening its third outlet in partnership with Golden Bauhinia, joining other restaurant owners in expansion drive amid economic recovery.
