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.
Prime street shop rents and shopping centre rents in Hong Kong will fall by 2 to 5 percent this year, according to research from real estate consultancy, Savills.
It’s not all bad news, though, with an anticipated bounce back of international travel over the next three years, as the pandemic wanes and vaccinations become widespread, likely to help Hong Kong claw back some ground when it comes to retail sales.
Visitor arrivals to Hong Kong evaporated in 2020, dropping nearly 93 percent over the first ten months of the year. Savills predicts the return of tourists and their shopping spending will fuel growth in total retail sales of between 5.5 percent and 15.1 percent from 2021 to 2023.
This will lead to prime street shop rents to rise between by 7 to 10 percent in 2022 and a further 20 to 23 percent in 2023, while shopping centres will recover by 5 to 10 percent per annum over the same period.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.