globe retail outlook data


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Hong Kong

The Hong Kong retail market has experienced rapid growth in the decade following the end of the SARS epidemic and the subsequent launch of the Individual Visit Scheme in 2003. Growth was propelled by tourists from Mainland China consisting of a large and expanding urban middle-class with a strong appetite for lifestyle consumer goods and services. A couple of high streets in each key retail district became the focus for mainland Chinese tourists, such as Canton Road and Haiphong Road in Tsim Sha Tsui, and Russell Street and Kai Chiu Road in Causeway Bay. As most of the brands on these high streets are luxury or cosmetics, the shopping malls in these locations also have to restructure their tenant-mix to cater for the Chinese shopper’s preference.

However, since 2014 the market has experienced a slowdown due to the Chinese government’s crackdown on corruption and the gradual slowdown in the domestic economy. Easier access and higher tendency for Mainland Chinese to travel overseas have slowed down growth of tourism arrivals and retail sales in Hong Kong. To cope with the changing landscape of retail market, portfolio landlords have reshuffled their tenant composition by increasing more local-focus and F&B trades to lure domestic footfalls. For high street landlords, they are more open-minded to lease their premises non-luxury labels.

After two years of adjustment, the market correction is believed to approach its end in 2017. Hong Kong retail market has become less dependent to tourists after the previous downcycle, coupled with the support of low unemployment rate and stable income growth, market sentiment has been improving compared to the low tide. Retailers are actively seeking opportunities to expand or enter this strategic retail hub as rents have become more affordable.

Our Top Tip For
New Arrivals

Buy an Octopus card (a pre-pay card) that can be used on all forms of public transportation such as the extensive MTR (subway) system, buses, ferries, and trams. The card can also be used to pay for purchases in convenience stores and supermarkets as well as numerous restaurants and shopping outlets.


Hong Kong Dollar (HKD)
EUR €0.11
USD $0.13
GBP £0.1


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