Hong Kong's reputation as the emporium of the Far East is being enhanced and revolutionised as the retail sector retreats from the high street to embrace a new generation of shopping malls.
Established shopping centres in Central, Admiralty, Causeway Bay and Taikoo Shing on Hong Kong Island are facing growing competition from new malls in fast-developing Kowloon.
Shopping in Kowloon was until recently largely centred in Harbour City and Ocean Centre in Tsim Sha Tsui, Festival Walk in Kowloon Tong, Diamond Hill's Hollywood Centre and Telford Garden in Kowloon Bay.
Langham Place in Mong Kok, APM in Kwun Tong, Kowloon City Plaza and Olympian City along the Airport Express line have since signalled the extension of the 'malling' concept in Kowloon.
More large malls are opening this year - most notably the 1.2 million sqft MegaBox, developed by Kerry Properties, the 900,000 sqft EMax in Kowloon Bay, developed by Hopewell Holdings, and Elements at Union Square at Kowloon Station.Next year will see completion of i-Square in Tsim Sha Tsui, followed in 2009 by the Hennessy Centre redevelopment in Causeway Bay and a retail project by Evergo Holdings to give Tsim Sha Tsui's Tung Ying Building a facelift.
It all pointed to the retail sector expanding in tandem with Hong Kong's healthy economic growth - creating thousands of new jobs - and a trend towards destination shopping at malls, said Fung Kin-keung, managing director of property consultant Jones Lang LaSalle Hong Kong.
