Still a Shoppers Paradise ?

February 17th, 2017 Retail


Not anymore according to a recent article in the South China Morning Post .

Hong Kong is no longer the destination of choice despite ambitious government targets hoping to turn the ebbing tide of mainland visitors. Hong Kong must now compete with a range of other destinations. Tokyo, Seoul, Taipei is rumored to be the new "TST" these days (thank you Linda !), and European destinations are cheap and "about to be previous" European destinations even cheaper thanks to Brexit !.
But the decline goes deeper than that, the growth of on-line shopping is only slowly dawning on Hong Kong retailers. If you want them to come to your store, that visit needs to be more compelling than simply using you as a physical on-line showroom. Consumer engagement and value add has never been more in demand. Combining on-line/off line in a way that enhances consumer experiences needs clear consumer profiling and understanding.
The same goes for attracting visitors too, what differentiates visitors from Europe from the Mainland?, what specifically do Canadian visitors like? Never before has it been more easy to tap into data trends and buying preferences and tailor experiences to visitor tastes and needs.
The bottom-line is Hong Kong is a fabulous place to visit, one of the most vibrant, compact, varied, hospitable, efficient, safe cities in the world. LKF and Wanchai are no longer the only entertainment options for spectacular nightlife. How many visitors know about the wonderful trails and beaches or that newly opened cute little restaurant in Kennedy Town?. The message is clear, if you want to change this trend, doing more of what was done previously will not work. A fundamental change of approach is needed and fast !