Looking forward to returning to normal/renting Guangdong Road to continue to crown Asia Pacific
2022-11-24
(Picture: Guangdong Road in Tsim Sha Tsui has replaced Russell Street in Causeway Bay for three consecutive years, becoming the most expensive retail location in the Asia Pacific region.) Under the influence of the epidemic, the shop rent in Hong Kong's core area has dropped by more than 40% compared with three years ago, but compared with other cities, it still ranks among the top ten most expensive retail locations in the world. Among them, Guangdong Road in Tsim Sha Tsui ranks second in the world in terms of the most expensive retail rent, second only to the Fifth Avenue in New York, and has replaced Russell Street in Causeway Bay for three consecutive years, becoming the most expensive retail location in the Asia Pacific region. Experts pointed out that Hong Kong's reputation as a shopping paradise has not faded, and international famous stores will not leave easily. In addition, rent has dropped from peak, attracting luxury brands to grab lots. Before the epidemic, the number of mainlanders accounted for up to 75% of visitors to Hong Kong. With the gradual relaxation of epidemic prevention measures and the full resumption of customs clearance with the mainland, the market roads are expected to recover rapidly. Cushman&Wakefield, the property consultant, released the report of "Major Retail Streets in the World" yesterday, which showed that tracking the world's top retail streets, ranked the most expensive commercial streets in 92 cities according to the rental value. For the first time, the report calculates the rent changes of relevant sections before and after the COVID-19 epidemic. According to the report, the latest average monthly rental of Guangdong Road street stores in Tsim Sha Tsui was 933 yuan, down 5% year on year and 41% compared with that before the epidemic (2019). Russell Street, Causeway Bay, ranked second in the Asia Pacific region, has an average monthly lease of 840 yuan, down 7% year on year and 49% compared with that before the epidemic. As for Queen's Road Central, which ranked seventh in the Asia Pacific region, the current monthly lease is about 400 yuan, which remains stable on an annual basis, down 45% from before the epidemic. Deng Shuxian, executive director of Cushman&Wakefield and head of Hong Kong Research Department, 52% of FTZ Tokyo Ginza, pointed out that during the epidemic, most countries in the Asia Pacific region had not yet fully cleared customs, mainly relying on local consumption support. Nevertheless, Hong Kong, Tokyo, Sydney, Seoul and Shanghai still rank among the top ten most expensive retail locations in the world. Recently, other currencies have been weak, while the Hong Kong dollar is linked to the US dollar, which to some extent supports Hong Kong to maintain its rent ranking in 2022. While Guangdong Road and Russell Street rank first and second in the Asia Pacific region, the rent of Guangdong Road is nearly 52% higher than that of Tokyo Ginza, which ranks third. Cushman&Wakefield believes that the SAR government has gradually relaxed quarantine arrangements, and Hong Kong has also successfully held large-scale international events such as Rugby Seven and the International Financial Leaders Investment Summit, which shows the government's determination to clear customs with the mainland and the world. It is believed that the street rent in Hong Kong has bottomed out. Lin Yingwei, Executive Director and Head of Hong Kong Shops Department, pointed out that before the closure of customs, mainland tourists accounted for more than 75% of the total Hong Kong tourists. If customs clearance with the mainland is resumed, Hong Kong's geographical advantages will definitely benefit. Luo Shaoxiong, the co chairman of the Hong Kong Chamber of Commerce for Small and Medium Enterprises, said that recently Chief Executive Li Jiachao led business representatives to visit Thailand, and the response was warm, indicating that foreign countries still have a great interest in the Hong Kong market, and successfully held the International Financial Leaders' Investment Summit, attracting high-level international financial institutions to Hong Kong, which shows that the confidence of the outside world in Hong Kong is gradually recovering and there are certain expectations for the future, so many international famous stores still adhere to stay in Hong Kong, When the market situation returns in the future, we can seize the opportunity as soon as possible. He believed that as Hong Kong gradually relaxed the restrictions on epidemic prevention, its attraction to overseas tourists was expected to rise
Edit：Lijialang Responsible editor：MuMu
Source：takungpao.com
Special statement: if the pictures and texts reproduced or quoted on this site infringe your legitimate rights and interests, please contact this site, and this site will correct and delete them in time. For copyright issues and website cooperation, please contact through outlook new era email：lwxsd@liaowanghn.com
Greater Bay Area
Recommended Reading Change it 
Home
