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.
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.
Resourceful leaders are turning to creative contingency plans in the face of a national energy crisis, crumbling infrastructure, economic stagnation and social unrest.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.