Joyce has become the latest brand to permanently close down one of its sites in Hong Kong as the country continues to experience shockwaves.
“Yes, the luxury market overall isn’t doing well since Covid, but certain brands are still on the up in Hong Kong,” says Oliver Tong, Head of Retail at Property giant Jones Lang LaSalle Hong Kong and Macau. “It’s really a mixed bag. While it’s true that many luxury brands have consolidated their local retail networks, others have also expanded or opened new flagship locations. It comes down to the brand itself and whether they are still resonating with the local customer,” he explains.
“Luxury brands are still actively seeking opportunities [in Hong Kong] but need certainty from the government before they can make any concrete decisions. They are also aware that what has worked in the past may not work for the future, which is why they need to add some magic to the experience. “In the past few months we have seen brands forgo the idea of opening permanent spaces in favor of large-scale pop-up stores in districts where they don’t have a presence. It allows them to target new customers and sell different items,” says Tong.
