Tsim Sha Tsui: A Closer Look at Hong Kong's Retail Market and Vacancy Rates
Tsim Sha Tsui Retail Landscape: An Overview
Hong Kong's Tsim Sha Tsui has been named the world's fourth most expensive shopping district for 2024, despite a decline in its ranking due to vacancy rates and rental adjustments.
As reported by Cushman & Wakefield, rents in Tsim Sha Tsui saw a notable increase of 7% year-on-year, reaching US$1,607 per square foot. The area remains a prime destination for both tourists and high-end retailers.
Comparative Ranking of Shopping Districts
- Via Montenapoleone in Milan takes the top spot with rents at US$2,047.
- Fifth Avenue in New York ranks second with US$1,762 per square foot.
- Tsim Sha Tsui follows closely, maintaining its prestige in Asia-Pacific.
New Leasing Trends in Tsim Sha Tsui
The retail market is experiencing revitalization through newly signed leases. For instance, luxury watch brand Omega secured a location last September for HK$400,000 (US$51,404) monthly, while Mango opened a new shop in Central with a monthly rent of HK$1.25 million, marking a steep discount.
Market Outlook
John Siu, managing director at Cushman & Wakefield, anticipates growing leasing activity, particularly from Chinese mainland brands seeking to expand. With tourism recovering and consumer spending on the rise, Hong Kong's retail sector is expected to gain momentum.This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.