With the high charge of gold (US$1,450+ in line with oz ) and round 22+ million traffic a 12 months from gold mad Mainland China, the streets are being taken over through Jewellery stores and Luxury Watch stores, visit any of the principal tourist shopping regions, Central, Tsim Sha Tsui, Jordan, Yamatei, Mongkok and Causeway Bay and you may see why, it isn’t simply road shops, however each principal shopping mall as properly.
Just how many Jewellery & Watch stores can one town have? The amount of cash tied up in stock ought to be astonishing, your common sized jewellery store or watch keep probably has a shop window show averaging about US$12 Million and there are masses of those shops now.
Even Prince’s Building (next to Statue Square and contrary the Mandarin Hotel) has had approximately 10% of it is retail area taken over by using Cartier, I admit I like to window store however Queens Road Central as an example is fast losing its enchantment for the average consumer, thoughts you the shop proprietors aren’t complaining, the shops always seem to be quite busy. It is a actual pity as Queens Road Central has continually been a high-quality vicinity to shop for locals and traffic alike however now the landlords are cashing in, the simplest shops capable of manage to pay for the quite frankly stupid rents (a one hundred fifty sqft “shop” simply of Queens Road Central in a non prime area has just rented for around US$thirteen,000 according to month! To a store of Chinese Tea) are the jewelry and watch stores.
It isn’t just jewellery and watches, Luxury Brands inclusive of Louis Vuitton, Chanel, Coach, Gucci, Hermes and so forth are commencing up massive (and I suggest massive) flagship shops, in maximum international locations a emblem will normally have one flagship save, in Hong Kong, there is a flagship save in every important shopping region! And they are a tourist sights in their personal proper and what’s even extra lovely is that there are queues to get in, even at 11am inside the morning.
I hinted at the motive above and I am only now starting to respect simply how essential Mainland Chinese Tourists are to the properly being of Hong Kong and we have become increasingly reliant (and possibly dangerously so) on our brethren from the North, traveller numbers have multiplied dramatically in view that 2003 and in 2010 we had 22.7 million site visitors from Mainland China, they now represent around 62% of inbound visitors.
Their spending energy is dazzling and goes a protracted manner to explaining why the watch /jewelry / luxury logo shops are taking over our streets and malls it is no marvel that the HK Government acts quickly to ensure there is no bad publicity on the subject of tourism.
High taxes in China are the purpose why they flock right here and why they consider HK to be a buyers paradise, many visitors are right here on a day experience, a brief excursion on a train after which hit the shops and malls, seemingly each traveller spends on average HK$12,000 in step with trip (US$1,500) that’s high-quality news for Hong Kong retailers and budget Hotels and I agree with this range to be conservative