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Hong Kong’s Tsim Sha Tsui dethroned as world’s most expensive shopping district, falls behind New York’s 5th Avenue

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“Vacant shops prevail in Hong Kong’s two traditional shopping districts as mainland tourist arrivals in Hong Kong are still at a very low level,” said Kevin Lam, Cushman’s executive director and head of retail services in Hong Kong.

Overall, high-street rents remain under pressure even though the rental correction trend is stabilizing, Lam said.

“Against the backdrop, we have seen a change of the trade mix in prime retail locations,” Lam added, citing a transition in Causeway Bay from luxury retailers to shops catering to lifestyle needs and local spending.

Four other Asia-Pacific shopping districts appear in Cushman’s top 10: Tokyo’s Ginza (sixth), Sydney’s Pitt Street Mall (eighth), Seoul’s Myeongdong (ninth), and Shanghai’s West Nanjing Road (10th).

Globally, average rents in the world’s major retail markets have recovered to 6 per cent below pre-pandemic levels as of the third quarter of 2022, the report said. Though the Asia-Pacific region has yet to rebound, its rents recovered slightly from the lowest level and are 12 per cent below the pre-pandemic level.

“Countries in Asia-Pacific took a more stringent approach for inbound travel and some of them are more reliant on domestic consumption,” said Rosanna Tang, Cushman’s executive director and head of research in Hong Kong.

Hong Kong’s retail market remains weak, with total retail sales falling 0.1 per cent year on year to HK$28.6 billion (US$3.7 billion) in August, according to a late October report from Knight Frank.

“With the various pandemic regulations still in place, such as the use of the LeaveHomeSafe app, social distancing rules, and the prohibition of large group gatherings, we urge the government to ease most, if not all restrictions, as they are seriously hindering social and economic activity,” Knight Frank analysts led by Martin Wong said. “We believe a significant relaxation of the Covid-19 protocol will allow society to return to normal while still remaining vigilant, thereby improving local consumption sentiment and boosting retail sales.”

The news is published by EMEA Tribune & SCMP210520-twitter-verified-cs-70cdee.jpg (1500×750)

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