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Hong Kong has been a hub for luxury shopping in Asia for years, with Russell Street in Causeway Bay frequently crowned the world’s most expensive retail rental location. But sky-high rents, the anti-government protests of 2019 and more recently the coronavirus pandemic have seen some luxury brands close their flagship stores in the city.
- Audemars Piguet move to lease an entire floor or 12,000 sq ft of the 465,000-sq ft tower could boost sentiment in Hong Kong’s tepid property office market
- Vacancy rates in Hong Kong’s office rental market are at an all time high with many asset owners in distress owing to the high interest rates and a slowing economy
The crisis in China’s real estate sector and high youth unemployment are among concerns weighing on consumer spending, according to a PwC report published on Tuesday.
Since mainland China dropped all its travel curbs, the heads of the world’s most recognisable luxury brands have been making a beeline there, with French billionaire Bernard Arnault, the chairman and CEO of LVMH, the latest to make a high-profile visit.
Chinese shoppers see little reason to travel abroad for a luxury spending spree, with Hainan’s duty-free mall takings 203 per cent above 2019 levels – so what does that mean for LVMH et al?
The brand’s ‘Garden of Delights’ jewellery collection was just one of the bright attractions as it opened its remodelled Tsim Sha Tsui flagship store
One of the men alleged to have been driver of reconnaissance car before the raid on Tsim Sha Tsui watch store.
Hong Kong companies have reason to be optimistic about the return of Greater Bay Area’s (GBA) affluent tourists, but McKinsey & Company cautions that the city no longer is the no-brainer shopping destination, as Hainan and “daigou” become increasingly popular.
The Hermès Birkin bag saw returns of 38 per cent on average in 2020 – the highest of all luxury bag collectibles – and prices rise every year. The Kelly is a good option, too.
As many retailers expand their online stores to attract customers, Britain’s most famous grocer Fortnum & Mason believes the future of premium goods and services is all about bringing customers unique in-store experiences.
It will take almost a year for luxury spending in Hong Kong to return to that of the first half of 2019, experts predict, hampered by logistical issues, closed-down stores – and Hainan’s rise.
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Hysan Development will spend HK$2 billion (US$256.2 million) to upgrade its Lee Gardens commercial portfolio in Hong Kong’s Causeway Bay and turn it into a one-stop luxury shopping destination.
Restaurants, mask vendors and Asian brands that mainly cater to Hongkongers have snapped up retail spaces left empty by upmarket Western brands such as Prada and Victoria’s Secrets.
The luxury Italian fashion house beloved by Kendall Jenner is already worth more than US$14 billion, but Prada is hoping to raise at least US$1 billion with a new dual listing in Milan
Fortnum & Mason, which counts the British royal family among its customers, is back again with a collection of tea-flavoured mooncakes for the upcoming Mid-Autumn Festival.
‘Even the hardy perennials of the local retail scene, [food and beverages] and necessity trades, have begun to wilt’, said Savills.
Chow Sang Sang saw half of its sales evaporate after tourists from the mainland disappeared, but things have improved after the jewellery retailer shifted its focus to a younger clientele.
Yet, the path into the metaverse may be strewn with landmines. Existing sales models may not readily fit in the virtual world, not even for the largest conglomerates with the deepest pockets.
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With rents along Queen’s Road Central declining, brands and retailers such as Lululemon and Samsung are taking up space in a prime business and retail area in Hong Kong’s main business zone.
In a blow for Hong Kong, global luxury goods companies such as LVMH, Hermes and Richemont are exploring opportunities in China’s Hainan province, as they eye expansion in the world’s second largest luxury market.
Wines have replaced Scotch whisky and Hermes handbags as the best performing luxury assets during the pandemic, according to the Knight Frank Luxury Investment Index.
Phoenix Property has a better chance of finding tenants by splitting the space spread across three levels at Tower 535 into multiple units, market observers say.
Hong Kong shoppers are spending more on luxury goods again, report shows, with many focusing on home-grown brands – possibly because of an increased feeling of shared identity.
More than a quarter of the 1.3 million mainland Chinese living in Hong Kong are spending HK$20,000 (US$2,572) a month on luxury goods in the city, according to a survey of 550 respondents by artificial intelligence marketing platform EternityX.
The blinging Benetti Oasis boasts several features other superyachts don’t have – including extendable wings and unprecedented 270 degree view – and a Hong Kong millionaire just bought one, so here’s how to spot it on your next junk trip
Controversial Italian label Brandy Melville is opening its second store in Hong Kong in a space previously occupied by luxury watchmaker Rolex. The label is popular with teens, but has been criticised for its lack of diversity.