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Losing Hong Kong Retail Could Be Devastating to Global Luxury Brands

Hong Kong retail has long been seen by the U.S. and foreign retailers and brands as a stepping stone to China’s market, with its large regular influx of Chinese tourists and close proximity to Macau. Now, as the territory’s anti-China protests intensify and go into their fourth consecutive month, some analysts are beginning to consider the unthinkable — a scenario in which Hong Kong’s role in global retail becomes significantly diminished. Here, I’ll explore Hong Kong’s role as a global retail center and what retailers could do in the event of a collapse in retail sales there. Why Hong Kong Retail Matters Hong Kong retail matters because it’s one of the world’s most iconic luxury retail centers. As one of the world’s top financial centers, Hong Kong is littered with Chanel and Dior stores, and there is no shortage of impeccably well-dressed bankers strutting the streets. The city is estimated to contribute 5 to 10 percent of the world’s luxury sales. Hong Kong was Tiffany & Co.’s fourth-largest market, after the U.S., Japan and mainland China. The iconic American jewelry chain operates 10 stores in the city. A magnet for luxury retail: Hong Kong attracts luxury retailers from the U.S. and around the world due to

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