The Changing Face of Shopping in Hong Kong

In the event that you have not been to Hong Kong as of late then you will be in for a major amazement.

With the high cost of gold (US$1,450+ per oz ) and around 22+ million guests per year from gold distraught Mainland China, the avenues are being assumed control by Jewelry shops and Luxury Watch shops, visit any of the real visitor shopping zones, Central, Tsim Sha Tsui, Jordan, Yamatei, Mongkok and Causeway Bay and you will perceive any reason why, it is not simply road shops, but rather every real shopping center also.

Exactly what number of Jewelry and Watch shops would one be able to city have? the measure of cash tied up in stock must be stunning, your normal estimated adornments shop or watch shop likely has a shop window show averaging about US$12 Million and there are several these shops now.

Indeed, even Prince’s Building (beside Statue Square and inverse the Mandarin Hotel) has had around 10% of it’s retail space assumed control via Cartier, I concede I get a kick out of the chance to window shop however Queens Road Central for instance is quick losing its fascination for the normal customer, mind you the shop proprietors are not grumbling, the shops dependably appear to be really occupied. It is a genuine pity as Queens Road Central has dependably been an incredible place to search for local people and guests alike yet now the landowners are trading in for money, the main retailers ready to bear the cost of the without a doubt inept rents (a 150 sqft “shop” just of Queens Road Central in a non prime area has quite recently leased for around US$13,000 every month! to a retailer of Chinese Tea) are the gems and watch shops.

It is not simply gems and watches, Luxury Brands, for example, Louis Vuitton, Chanel, Coach, Gucci, Hermes and so on are opening up gigantic (and I mean enormous) leader stores, in many nations a brand will ordinarily have one lead store, in Hong Kong, there is a leader store in each real shopping zone! furthermore, they are a vacation spots in their own privilege and is significantly all the more shocking that there are lines to get in, even at 11am in the morning.

I alluded to the reason above and I am just now starting to acknowledge exactly how critical Mainland Chinese Tourists are to the prosperity of Hong Kong and we are ending up progressively dependent (and maybe perilously so) on our brethren from the North, guest numbers have expanded drastically since 2003 and in 2010 we had 22.7 million guests from Mainland China, they now speak to around 62% of inbound guests.

Their spending power is stunning and goes far to clarifying why the watch/gems/extravagance mark shops are assuming control over our boulevards and shopping centers it is no big surprise that the HK Government acts rapidly to guarantee there is no negative reputation with respect to tourism.

High expenses in China are the motivation behind why they rush here and why they view HK as a customers heaven, numerous guests are here on a day trip, a snappy visit on a mentor and after that hit the shops and shopping centers, obviously every guest spends overall HK$12,000 per trip (US$1,500) which is splendid news for Hong Kong retailers and spending Hotels and I trust this number to be traditionalist.

My “stress” is the air pocket could blast, Mainland Chinese guests are here at the largesse of the Chinese Government who issue visas under the Individual Visit Scheme (IVS) which began in 2003, it is not obscure for the Chinese Government to renounce such plans overnight – given the significance of Hong Kong I question this could ever happen yet terrible things can and do happen in the event that you turn out to be excessively dependent on one “customer” in a manner of speaking… for the minute however things are going rather pleasantly, especially on the off chance that you have a shop offering acclaimed mark merchandise, gems, watches and beautifying agents.