, Hong Kong
352 views

Hong Kong retail market momentum depends on full border reopening

Retail sales for the first nine months slightly dipped by 1.3% YoY.

The recovery of Hong Kong’s retail market to pre-pandemic levels will take “considerable time” as it has not yet fully reopened its borders to tourists, with retailers relying on local consumption.

In a report, Knight Frank said that with the poor macroeconomic conditions, along with the strict border restriction, it is difficult to identify any upside as this has weakened Hong Kong’s traditional role as the retail hub in the region.

“Looking ahead to 2023, we do not expect significant growth in the local consumption segment, but considering the gradual easing of border restrictions, we expect a rebound in retail sales with returning activity,” it said. 

“The retail market will not regain momentum significantly until Hong Kong and the Chinese mainland fully reopen the border,” it added.

The market’s retail sales climbed 0.2% year-on-year in September to $28.1b, according to the Census and Statistics Department, whilst for the first nine months, total sales dipped 1.3% YoY.

Knight Frank added that the sentiment remained weak as retail rents in core districts such as Tsim Sha Tsui and Causeway Bay “continued to tumble,” with several expired leases not renewed and street shops changed hands “at ample losses.”

Follow the link for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

India’s e-commerce market to reach $147.3b in 2024
It will be driven by the expanding internet penetration and better digital payment infrastructure.
E-commerce
Food colors market to reach $5.42b by 2031
Still, the market growth is constrained by strict regulations.

Exclusives

Brands told to come clean about beauty care
Consumers are more discerning and can easily spot fake ingredient claims.
Swarovski cracks TikTok to scale luxury amongst Gen Zs
The Austrian glassmaker is working with influencers to connect with the Singaporean market.
Starbucks Korea opens high-tech store in Seoul
Its first reserve-only branch features AR art installations and a Mixology Bar.
Decathlon gets closer to hybrid Singaporean shoppers through pick-up service
The world’s largest sporting goods retailer lets clients pick up online orders on the go.Decathlon is building on the success of its pick-up service in Singapore as it progresses toward its target of having 37 locations in the city-state in the next two years, its top official said.