Sportswear giant On Holding is planning to open its first store in Hong Kong, as the Swiss sneaker maker looks to the shopping hub to bolster revenues across Greater China.
According to a Bloomberg report, the Roger Federer-backed company has located a 3,000sq ft store at H Queen’s, a building owned by Henderson Land Development Co. in Hong Kong’s Central business district. Rent is said to be around HKD 600,000 (USD 76,700) per month for the store, according to the report, though an exact store opening date is yet to be revealed.
Hong Kong, once a burgeoning hotspot for travel tourism, has seen a slower-than-expected recovery to pre-pandemic visitor numbers and retail sales levels post-Covid. In January, Hong Kong retail sales growth slowed to just 0.9 per cent, as tourist arrival numbers declined during the month, according the Hong Kong government, a soft increase in sales compared with a 7.8 per cent growth in December, 15.9 per cent surge in November and a 5.8 per cent rise in October; leading to a 16 per cent increase in retail sales in Hong Kong in 2023.
