Glitzy Hong Kong shopping streets once packed with luxury stores now have about half of their shop units sitting vacant, according to property management companies.
Glitzy Hong Kong shopping streets once packed with luxury stores that attracted 56 million visitors in pre-pandemic 2019 now have about half of their shop units sitting vacant, according to property management companies.
“If you walk around the major shopping areas you won’t see the queues outside luxury boutiques or if you do they are very short,” Smith said. Over that period, Hong Kong suffered around a 30% plunge in overall retail sales compared to 2018 levels, largely due to a tumble in mainland visitors because of travel restrictions. Tourists from greater China are the main driver of Hong Kong’s branded retail and luxury goods market.
Visitors to Macau in January more than tripled from December, hitting 40% of the level of January 2019. Hainan, which reported visitor growth even during the pandemic, saw arrivals rise 11% between January 8 and February 15 compared to the same period a year earlier, according to the government.
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