The requested news item does not exist. Please return to News
Presence of luxury watch & jewellery shops on Russell Street drop over 20% in two years
HONG KONG, 18 January 2017 – The decrease and changing profile of mainland tourists has been one of the key contributors behind the downturn in Hong Kong's retail market over the past two years. Yet at the same time, it has created a new retail landscape within the city's most well-known retailing precincts. About 67% of shops on Russell Street in Causeway Bay, once the most expensive shopping strip in the world, were luxury watch and jewellery retailers in 2014. Today, these retailers account for just 43% of all shops leased, according to JLL's latest Retail Atelier report. These changes are now returning diversity to the city's most iconic retailing strips. Moreover, retailers and shopping malls are now introducing an array of new shopping experiences to help Hong Kong maintain its status as a shopper's paradise.
Overall visitor arrivals and visitors from mainland China have decreased by 5.4% and 7.8% year-on-year respectively through January-November last year. Retail sales were also down 8.6% y-o-y over the same period. While a large number of retailers have been stung by the drop in business volumes, which have reverted back to 2011 levels, retail rents have also dropped, down 37% from their 2014 peaks. In addition to falling rents, retailers have also benefited from the increased availability of shops. These factors combined, are driving new trends in the market:
Click here to download the report.
– ends –
Senior PR Manager