Hong Kong retail soars
The South China Morning Post (SCMP) reported that eight out of 10 Hong Kong retailers plan to expand as sales in the first half have increased appreciably and are expected to grow further, thanks to a rise in tourists and an uptick in local consumption. This is up from six out of 10 a year ago, according to a JLL survey. Retail sales recorded a fourth consecutive month of double-digit growth in May, jumping 12.9% to HK$40.5 billion (US$5.1 billion), according to The Hong Kong Retail Management Association. The growth is led predominately by the luxury sector, and the adoption of millennial-centric strategies that focus on experiential shopping and digital platforms by retailers and shopping malls.