Amid the downward pressure on the economy, retail and service industries in China are closing down one after another. Recently, even the owner of a barbershop in Shanghai often visited by Hurun Report founder Hurun has fled. Hurun couldn’t help but wryly smile, “I just topped up my card two months ago.”
A viral video shows Hurun visiting his regular barbershop on March 2nd, only to be surprised to find the shop closed with a “for rent” sign posted on the door.
Hurun was astonished, standing dumbfounded at the shop’s entrance. He said to the woman filming the video, “I always come here for a haircut, but it seems like this barbershop is gone. I just topped up my card two months ago. I have been coming here for over a decade. And suddenly I see this ‘for rent’ advertisement.”
Hurun couldn’t help but wryly smile, saying, “Where did my top-up money go?”
Hurun is well-known in China, and the Hurun Report he founded is a list that tracks changes in the group of Chinese entrepreneurs, with its headquarters in Shanghai.
After the video of Hurun’s “misfortune” went viral online, it sparked discussions. Some netizens joked, “The barbershop says: ‘I don’t prosper from Hurun.’ ‘Now I have a shared experience with a billionaire.’ ‘We can create a Chinese barbershop ranking list.'”
Some others said, “Last Saturday I took my child for a haircut and decided to get one myself. On the way back, I inadvertently found out that there are 9 barbershops (about 10%) on the 700-meter street at the community entrance, all regular ones, but over 10 shops were closed.” “At present, it seems the same nationwide, many closures here, if you don’t want to close, you can only make a living through a price war with thin profits and high sales, otherwise, you can’t even make rent. There are people in the mall, but other than eating, almost no one is spending.”
“Underestimated the severity of the Chinese economy.” “China’s reckless industrial plans have failed. The economy is in chaos, proving that the policy of supplying the world with cheap, low-quality goods is wrong.” “A chill is in the air, it’s like a late spring frost!” “It’s just the ‘prelude’ now, the real show hasn’t even begun!”
With China’s economy sliding, traditional brick-and-mortar stores are facing unprecedented challenges. According to incomplete statistics from Yilan Business, in the first half of 2024, at least 6,882 stores in the country announced closure, involving over 100 companies, covering various sectors such as supermarkets, department stores, catering, clothing, education and training, and new tea drinks.