Mainland China’s retail and retail property sectors have suffered another blow amid a fresh wave of store closures by foreign and Hong Kong brands. “The series of closures come as a combined result of their outdated business models and profound changes in the macroeconomic environment,” said Wang Tianshi, an analyst at Shanghai-based LeadLeo Research Institute. “Compared with emerging mainland retailers, Hong Kong and foreign brands often remain under a ‘selling on the mainland’ phase, rather...