Inside a massive retail and office complex called 11 Skies next to Hong Kong International Airport, all 800 shops sit vacant and only two of 120 food outlets were open earlier this month. They were supposed to begin operating in the 3.8 million sq ft development – equivalent in size to about 53 football pitches – by last year. A recent South China Morning Post visit to 11 Skies found it largely empty, with areas cordoned off and store spaces boarded up with hoardings featuring adverts for the...
Hong Kong is likely to attract more mainland Chinese retail brands, but unlike the previous wave, non food and beverage (F&B) retailers are the ones ramping up their presence, according to analysts. The change in profile of mainland brands coming to Hong Kong is helping the city’s landlords fill vacant spaces amid an uneven recovery in the retail property market, according to JLL. In the first four months of the year, more than one fifth of new entrants in the city’s retail market were mainland...