As an Asia’s World City, Hong Kong is not only famed for being a financial hub or tourist paradise. Hong Kong goes way beyond and becomes one of the top fashion cities in the world. According to the annual ranking by the Global Language Monitor, Hong Kong tops the list among Asian cities for being a Fashion Capital with a global rank of 12 in 2012, although it was down by 6 from 2011. It may come as a surprise to you that Hong Kong actually gained the second place in 2010 as a Fashion Capital, which is the highest ranking ever for an Asian city, leading Singapore and Tokyo!
With the statistics above and the stable growth in retail sales over the years (an average growth of 9.8% throughout 2012), no wonder international fashion labels surge into Hong Kong and open pop-up/flagship stores as their first outlet in Asia. Ranging from high end fashion brands to Swiss luxury watch brand, international fashion labels are keen on opening pop up stores in recent years to experiment with the local market before they establish flagship stores in the city. Many others with much faith in the Hong Kong retail market embrace the opportunity with great investment and look for greater profit in return.
Retailers, especially for luxury and international retailers, mostly benefit from the booming tourism in Hong Kong. Visitor arrivals reached almost 44 million in November 2012, which is a 16% increase compared to a year ago. The figure is expected to go up as the long-awaited cruise terminal at Kai Tak would be in use next summer and the high-speed rail system which links Hong Kong to 28 major mainland cities is to be completed by 2015. The strategic location of Hong Kong in the centre of Asia and the sophisticated infrastructure enable this Asia’s world city to become a world class fashion capital.
Source: Faro Recruitment