globe retail outlook data

 

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Retail By City

Hong KongHong Kong

city rank #7

City Overview

Hong Kong is a densely packed city where shopping and dining out are considered national pastimes. Owing to its position as a major financial and trading hub, most of the luxury brands have a strong presence here. International mid-market brands like Shibuya 109, G.U. and lululemon Athletica are also entering the market to capitalise on stable domestic consumption, as well as the free-spending mainland Chinese moneyed class, who are becoming more sophisticated in their choice in fashion and desire to look as good as, if not better than, their international counterparts. Hong Kong has long been a shopping mecca for locals and tourists alike. However, mainland tourists are arriving in Hong Kong in droves to snap up goods ranging from basics like infant milk powder, to cosmetics and perfume, to luxury handbags and watches. Mainland tourists make up circa 70% of all tourist arrivals in Hong Kong, and the retail industry in the main shopping districts has adapted to cater to this important source of tourist spending. In terms of location, the main shopping districts on Hong Kong Island are Central and Causeway Bay, while Tsim Sha Tsui and Mong Kok are the key retail destinations across the harbour in Kowloon. Central is in the financial centre of Hong Kong, and as such has an agglomeration of luxury brands attracting wealthy shoppers. Causeway Bay is considered the main shopping district on the Island, with retailers ranging from mass market to luxury brands. Tsim Sha Tsui is a major tourist destination in Kowloon, with a wide range of mass-market to luxury retailers, but also flagship boutiques which many of them are the most profitable stores globally. The Mong Kok shopper is younger, and is interested in the street stalls and shops. Retail rents had reached historic peak in 2014 on the back of generous visitor spending habbit, but have been coming down since the tourists’ consumption appetite has changed in 2015, but it has signs to bottom out since end-2017. Tight availability condition on high streets has been eased in Hong Kong but occupation on prime locations is still full.

Things to do

See

Work

Pacific Place, Times Square, The Gateway Harbour City, The Landmark, IFC


Rest

The Peak, Repulse Bay, Lamma Island, Big Buddha, Lan Kwai Fong, Sai Kung, Lantau Island, Disneyland, Ocean Park


And be seen

Eat

Tsui Wah, Café Deco, Tim Ho Wan, Yung Kee, Sevva


Drink

Quinary, The Sky Bar, Vibes, Hard Rock Cafe


Be Merry

Dragon-I, All Night Long, Prive, Zerve, Pong, Arena


Other Cities in Hong Kong

Contact Us

Lawrence Wan
Suite 1204-6, 12/F, Three Exchange Square
8 Connaught Place Central
+852 2820 2800 | lawrence.wan@cbre.com.hk