In a city with a reputation as a shopper's paradise, the challenge for retail marketers is how to stand out from the crowd. While location and price are critical factors for mass market outlets, when it comes to those seeking to attract the biggest spenders, it's all about exclusivity and prestige.
There are huge rewards to be reaped from serving the wealthiest and most discerning clientele, so it's no surprise that the competition is only becoming more intense among Hong Kong's plushest luxury shopping malls. This is especially so given the ongoing boom in consumer spending.
Driven by surging arrivals of deep-pocketed mainland visitors and a strong domestic economy, retail sales soared by 29.1 per cent year on year in July to HK$32.5 billion, according to the Census and Statistics Department.
Government data shows that sales of jewellery, watches and valuable gifts jumped by a staggering 51.8 per cent.
Luxury malls such as Elements in West Kowloon are pulling out the stops not only to attract big-spenders in the first place, but to get them to return by offering special loyalty programmes and membership cards.
According to Betty Leong, general manager for investment property at MTR Corporation, members of Elements Club enjoy a wide array of exclusive rewards and privileges.