HONG KONG: Hong Kong, one of the world's top luxury shopping destinations, is losing its lustre as high-end retail properties go vacant and famous foreign brands reduce exposure to the city in favour of opening new outlets in mainland China. Glitzy Hong Kong shopping streets once packed with luxury stores
In place of stores shut by Tiffany, Valentino, Burberry and other big brands over the last three years, including in Tsim Sha Tsui, Central and Causeway Bay shopping districts, pharmacies and sports apparel outlets for brands like Adidas and Sweaty Betty have moved in.
Over that period, Hong Kong suffered around a 30 per cent plunge in overall retail sales compared to 2018 levels, largely due to a tumble in mainland visitors because of travel restrictions. Tourists from greater China are the main driver of Hong Kong's branded retail and luxury goods market. Morgan Stanley forecast Hong Kong visitor numbers this year will reach just 70 per cent of 2018 arrivals. It estimates retail sales will grow 15 per cent, holding at around 80 per cent of retail trade from the pre-COVID year.Many luxury brands expanded in mainland China during the pandemic, opening stores in far-flung locations to reach consumers unable to travel.
Hainan also accounted for 13 per cent of China's domestic luxury spend in 2021 versus 6 per cent pre-pandemic, and tax regulations are set to ease further, allowing more duty-free stores to open. Hermes, with 27 stores in the mainland, opened a new, enlarged store in Nanjing in January, relocating to upscale mall Deji Plaza. It first opened a store in 2010 in the eastern city.
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