Hong Kong tagged as world’s most expensive shopping destination.
The task of attracting customers and enabling them to spend is the trickiest job but the future prospect of this division still looks bright as many brands are apparently getting into this business with accelerated speed. Today we might have a long list of shopping spots located in the various location but we wish to pull the attention towards Hong Kong which is announced as the world’s most expensive shopping destination.
The news first came confirmed from a new research led by global property advisor CBRE Group, Inc which has quoted that Hong Kong has acquired the tag of been the world’s most expensive shopping destination owing to significant tourist inflows and continued increases in domestic wealth fuelling occupier demand from international fashion and luxury retailers.
To support the statement they also stated that Hong Kong’s retail rents grabbed the top spot at US$3,864 per square ft per annum, leaving New York behind at the second position with US$2,475 per square ft per annum. Although, the CBRE rankings of prime global retails rents saw little change in the first quarter of 2012, Hong Kong and New York experienced significant increases in retail rents quarter-over-quarter.
However it is also been observed that it is only the alteration made for first spot mainly however the rest of the ranking remained unchanged compared to last year’s ranking where Sydney retained its third position, Tokyo the fourth and London maintaining the fifth position. The total retail rents went up by a meager 0.8% globally, standing witness to the euro zone debt crisis and a weak global economic growth.
The markets all over the world saw the occupier demand for prime space in major cities intensifying, and prime space being in short supply, making way for a big gap in the demand-supply ratio.
As all the above is about business and profit and loss and demand and supply statistics but the good news is for the shoppers who were looking for an ideal deal and can now route towards Hong Kong for next shopping destination.