Overall retail rents in Hong Kong's core locations slumped 9.1 percent quarter-on-quarter (q-o-q) in the third quarter of 2015, the largest quarterly decline recorded since 1998, property consultant CBRE said on Tuesday. Rents in Causeway Bay fell most severely by 11 percent q-o-q, while rents in Central, Tsim Sha Tsui and Mong Kok declined by 9.2 percent, 7 percent and 7.6 percent q-o-q, respectively.
Total retail sales in July and August combined, dropped 4.2 percent y-o-y. Watch and jewellery sales dived by 7 percent y-o-y in July and August combined.
Italian luxury group Salvatore Ferragamo may opt for smaller new stores in China as local consumers shop more online and abroad, its chief executive said on Thursday.
Asia-Pacific is the biggest market for the Florentine shoemaker and sales there declined 4 percent at constant exchange rates in the first half of 2015, even though the brand's own shops in China performed well.
Boom times for luxury in China are largely over, after the recent stock market rout and currency devaluation, compounded by an already slowing economy and a government crackdown on lavish gift-giving. The effect of those woes on Chinese shoppers – who make up as much as a third of global spending on high-end goods – has rattled both investors and global luxury brands.
Hong Kong's retail market is at the crossroads as retailers and landlords scramble to adjust their operations and leasing strategies to cope with market changes brought by dwindling mainland visitor arrivals and luxury goods sales.
Global commercial real-estate services provider Colliers International expects street-level retail rents in the city's four prime shopping districts – Causeway Bay, Central, Mong Kok and Tsim Sha Tsui – to drop by 15 percent this year after a full-year decline of 5.5 percent in 2014.
China's recent yuan devaluation could hit France's lucrative luxury sector, which has already been impacted by Beijing's tough anti-corruption drive against spendthrift officials, analysts say.
The People's Bank of China allowed the yuan to depreciate on three consecutive days from 11 August, raising questions over the health of the world's second-largest economy and sending global financial markets into a tailspin.
Connecting online to offline is the new Holy Grail for the biggest players in China's internet shopping explosion, whether they be domestic or overseas operators. E-commerce companies in China are queueing up to find stores to align themselves with.
In its quest for existing networks of physical stores, JD.com announced it had taken a 10 percent stake in domestic supermarket chain Yonghui Superstores for CNY4.31 billion (USD673.8 million).
China devalued its currency by 2 percent after a run of poor economic data – a move some economists think could herald a longer-term slide in the exchange rate. The downward move was the biggest since a massive devaluation in 1994, and appeared to reverse a previous strong yuan policy.
Investors were quick to bet companies like Louis Vuitton holding company LVMH, Gucci owner Kering and L'Oreal could suffer. The stocks were among the biggest fallers on the Paris stock market, dropping between 1.5 and 4 percent. The companies declined to comment.
Alibaba has launched an English-language version of its fakes hotline after it signed exclusive deals with international retailers in a push to draw more global brands to its platform. China has gained a reputation for knock-off products and Alibaba has been trying to combat the problem on its own e-commerce sites over the past year.
Sales at Japanese department stores and convenience stores rose in June for a third straight month, industry data showed, offering some relief to policymakers worried about the fragile state of consumer spending.
But the data underscored the patchy nature of the recovery with department stores benefitting from a shopping spree by Asian tourists, who have flocked to Japan to benefit from the weak yen.
"Click & Collect", "Ship from Store" and "Endless Aisles", seem to be the new buzzwords for brick-and-mortar retailers. These are terms being used by offline retailers to explain their recent move to increase investments into the online space by adopting an omni-channel strategy.