Global Retail City Profiles China
Hong Kong
Hong Kong provides some of the highest sales densities in the world. The market also boasts a highly sophisticated and wealthy local consumer base as well as close to 40 million tourists visiting annually. In 2014, the market saw a huge correction as tourists from Mainland China curbed spending due to a government crackdown on gift-giving, leading retail revenues and rents in some of the main shopping streets to fall by up to 40 percent. Since the second half of 2017, however, the market has been recovering well with a rebound in spending from both tourists and local consumers. Hong Kong continues to be one of the most attractive locations for international retailers globally, and many see the rental declines as an opportunity to establish a presence in the city.
High street Street-level retailing is the traditional form of retail provision in Hong Kong. Queen’s Road Central and Des Voeux Road Central in Central, Nathan Road and Canton Road in Tsim Sha Tsui, Kai Chiu Road and Russell Street in Causeway Bay, and Sai Yeung Choi Street South in Mongkok are some of the renowned prime shopping streets in Hong Kong. Known to benefit from high pedestrian traffic, good shop frontage, and high visibility in the market, these streets have the highest unit retail rents in Hong Kong. In general, prime shops on high streets are key targets for international retailers when setting up flagship stores to capture high footfall and build brand awareness in Hong Kong.
Shopping centers Apart from high street shops, shopping malls make up a large sector of the retail footprint in Hong Kong. Most malls are integrated into subway stations, office towers, and residential communities. Harbour City in Tsim Sha Tsui and IFC in Central are two of the most successful shopping malls in terms of sales densities; both offer an excellent shopping experience and attract tens of millions of visitors per year. New Town Plaza in Sha Tin and Festival Walk in Kowloon Tong are some of the most successful suburban malls and offer a world-class retail tenant mix. These shopping malls serve a strong tourism market from around the world as well as local communities and office workers. The majority (85%) of new shopping center supply is being built in non-core locations, alongside growing residential districts such as Tseung Kwan O, and Kowloon East.
Shopping center Harbour City
Elements
Times Square IFC Mall
Festival Walk Pacific Place
Lee Garden One & Two Landmark Atrium
Opening year 1999
2007 1993 2003 1997 1990 1997 1980
Size (sqft) 1,900,000
1,000,000 936,000 800,000 700,000 709,000 255,000 240,000
Note: *Figures are estimates based on available market information. Mall size is based on GLA. Source: JLL 2018
Location
City Center City Center City Center City Center City Center City Center City Center City Center
Population 7.4m
Prime rent (sqft per year)
US $3,074 Prime rental information for Canton Road
Key indicators Population (‘000s No.)
GDP / Capita (US$, Real, PPP) GDP Forecast 2018-2022 (% pa)
Retail Sales Forecast 2018-2022 (% pa) Global CBRA Rank (Out of 140 cities)
Rental growth outlook
7,414
56,600 2.4 2.6 2nd
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Key retail entrants
Shake Shack Charlotte Tilbury Victoria’s Secret
Key tenants
Louis Vuitton, Prada, Giorgio Armani, Balenciaga, Adidas Louis Vuitton, Dolce & Gabbana, KENZO, Saint Laurent, H&M, Zara Gucci, Zara, Louis Vuitton, Loewe, KIKO, Louis Vuitton Apple, Zara, Lane Crawford, COS, Givenchy, Tory Burch Apple, Agnès b., H&M, COS, Uniqlo, Calvin Klein
Harvey Nichols, Chanel, Hermès, Sandro, Lane Crawford, COS Louis Vuitton, Hermès, CHANEL, Dior, Valentino, Gucci Harvey Nichols, Louis Vuitton, Gucci, Fendi, TOD’S, Valentino
Copyright (c) JLL IP, INC 2018
Brandy Melville Cheesecake Factory
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