Retail therapy was such a reliable driver of Hong Kong tourism that few in the business contemplated the need for diversity. Why fix a wheel that wasn’t broken? Luxury brands gobbled up prime space, muscling out local designers and innovation. Now, that well-oiled wheel is
grinding to a halt and klaxons are sounding. Yet it is not too late for the city to end its haute couture strut.
A
strong Hong Kong dollar and the dwindling allure of monoculture shopping has seen retail drop from 51 per cent of overnight tourism receipts in 2018 to 41 per cent in the first six months of 2024.
Flogging this dead horse will yield diminishing returns. To bring in international travellers, Hong Kong must go local. It is time for this richly endowed…
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