The Numbers
With nearly 7 million-plus people living within its borders, Hong Kong Special Administrative Region (SAR) in the People’s Republic of China is an incredibly dense place. In fact, the city, which had been under British rule until 1997, earned the spot as the world’s fourth most densely packed place, according to Countrydigest.org. Hong Kong’s 426-square-mile area – made up of various islands, the Kowloon Peninsula, The New Territories and Hong Kong Island – boasts 16,873 people per square mile, according to a 2015 report from the United Nations’ World Population Prospects.
The Pulse
Because of that density, Hong Kong is a vertical city, with countless sparkling skyscrapers making up its cityscape. The 118-floor International Commerce Centre is the tallest building in Hong Kong and houses office space, a swanky Ritz-Carlton hotel and the sky100 Hong Kong Observation Deck which offers 360-degree views of Victoria Harbour. Even with its grand skyline and bustling image, Hong Kong’s free-market, service-oriented economy has faced challenges lately – its growth has slowed to 1.2 percent year-on-year in the first half of 2016, according to research by the Hong Kong Trade Development Council (HKTDC).
The Hotspots
“Hong Kong’s Lan Kwai Fong and SoHo (South of Hollywood Road) [districts] have been famous must-go places for years, with the increase of new expats and Westernized culture,” says Billy Ip, principal and regional retail design director of global design and consulting firm Woods Bagot (Hong Kong).
Within the Pacific Place shopping and entertainment mecca, located in the Admiralty region, are the pedigreed likes of Yves Saint Laurent, Chanel, Hermès and the first flagship of beauty brand La Mer. Hop over Victoria Harbour to Tsim Sha Tsui in Kowloon for a mix of equally luxe labels as well as fashions from local up-and-comers.
Obstacles/Opportunities
Despite the vast shopping opportunities, retail sales continue to fall – according to the HKTDC, the value of retail sales has dropped by 10.5 percent year-on-year between January and July 2016 due to a decline in tourism. Ip notes that rental prices are still the major obstacle for retailers and restaurants to survive. Additionally, political tensions between Hong Kong and China have increased, which a recent Associated Press article in The China Post explains could “hurt economic growth.”