Changing the face of Hongkong shopping

For decades Hongkong has considered itself one of the world’s top shopping destinations, a place where bargains can be found and the variety of goods available is unequalled anywhere in the world.

But times seem to be changing – and fast. Spiraling rents and the rising influence of mainland Chinese tourists – a group that now accounts for more than 60% of annual visitors to town – appear to be narrowing the choices found in Hongkong and forcing some of the city’s more traditional retail outlets out of business.

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In the 1970s, the retail landscape in Hongkong was dominated by massive Chinese emporiums, selling everything from cheap clothes to cheap antiques and souvenirs. But their numbers have plummeted from an estimated 300 to just eight – and even those remaining have had to "re-brand" themselves.

Hongkong welcomed 22.7 million Chinese tourists last year – out of a total of 36 million over 12 months. And the main focus of their visits is shopping – the distinctly luxurious kind. Also, the Chinese visitors to Hongkong spend more than any other group – on average around HK$12,000 (RM4,800) per visit.

And so mass retailers are fast disappearing from the city’s main shopping districts of Tsim Sha Tsui, Causeway Bay and Central and are being replaced by jewellery and watch shops.

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The massive Luk Fook Jewellery chain – which alone has 15 outlets across Hongkong – says it derives more than 60% of its sales from mainland Chinese shoppers, while 85% of customers at the flagship store of Emperor Watch & Jewellery comes from the same source.

That flagship store – on the busy Canton Road in the heart of the Tsim Sha Tsui shopping district – is rented for HK$3 million (RM1.2million) per month, and covers 1,200 sq ft.

A prime example of just how crowded the market is becoming with these outlets is the Park Lane Shopping Boulevard which has five jewellery stores packed into its 300m length.

And with retail rents expected to rise from between 10 to 20% in Hongkong this year, it appears that high-end products are the only way forward for retailers. - AFP Relaxnews