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Hong Kong’s retail market contracts as locals travel abroad

Total retail sales value fell 11.8% to $29.1b in July.

Hong Kong’s retail market continued to contract as more locals travel abroad, according to Knight Frank.

Total retail sales value plunged 11.8% year-on-year (YoY) to $29.1b in July 2024, marking the fourth consecutive month of decline.

Tourism-oriented trades, including jewellery (-25%); clothing, footwear and allied products (-16.8 %); and department stores (-24.3 %) are the top three outlets to suffer a double-digit decline.

In terms of retail asset investment, Knight Frank observed more sales activity on prime retail streets, but overall market sentiment remains subdued.

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“Retail sales performance for the remainder of 2024 is expected to remain soft. Nonetheless, the gradual recovery of the macroeconomic environment, given the easing of global interest rates, a potential rebound of the renminbi and the influx of top talent may provide a glimpse of hope for the retail sector,” Knight Frank said.

In line with this, developers are showing more flexibility in rent negotiations to secure high occupancy rates.

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