The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Two-thirds of retail strips in the Asia Pacific region saw rental declines in 2020, with Causeway Bay in Hong Kong experiencing the steepest decline of 43 percent, according to Cushman & Wakefield’s latest “Main Streets” report.
In contrast, the retail sector in mainland China saw the lowest average rental declines in the region, falling 5 percent last year, though different cities saw different levels of disruption. While Beijing’s Central Business District saw a 14 percent decrease, Shenzhen’s Luohu District’s 5 percent growth represented the largest jump in the region.
Overall, there was little change in rental rankings across the region and the top three most expensive cities for retail remain Hong Kong, Tokyo and Sydney.
“At the other end of the spectrum, Indian markets feature prominently, taking up the four least expensive spots in the region. In comparative terms, rents in Tsim Sha Tsui, Hong Kong are nearly 80 times more expensive than Banjarra Hills in Hyderabad,” said Dr Dominic Brown, Asia Pacific’s head of insight and analysis at Cushman & Wakefield.
Though e-commerce reshaped retailing in the US and Europe even before the pandemic, a confluence of economic, financial and logistical circumstance kept the South American nation insulated from the trend until later.
This week’s round-up of global markets fashion business news also features Korean shopping app Ably, Kenya’s second-hand clothing trade and the EU’s bid to curb forced labour in Chinese cotton.
From Viviano Sue to Soshi Otsuki, a new generation of Tokyo-based designers are preparing to make their international breakthrough.
This week’s round-up of global markets fashion business news also features Latin American mall giants, Nigerian craft entrepreneurs and the mixed picture of China’s luxury market.