Hongkong Land announced a more than $1 billion, three-year investment in ultra-luxury retail in the heart of the city's financial district on Wednesday.
Hongkong Land announced a more than $1 billion, three-year investment in ultra-luxury retail in the heart of the city's financial district on Wednesday.
The expansion plan comes against a backdrop of overall sliding retail and office markets in Hong Kong, where vacancy rates are at record high levels.
But Hongkong Land said its "Very Important Customer" group has continued to spend more in 2023 and 2024, an average of HK$1 million ($128,080) each last year.
VIC contributed around 80% of the company's luxury retail sales in Hong Kong.
Persons:
Jardine Matheson, Cartier, Louis Vuitton
Organizations:
Hongkong Land, Hong Kong's, Tiffany, Co, Louis, HK, VIC
Locations:
Hong, Hong Kong