Luxury watch and jewellery retailers on Russell Street in Causeway Bay down 20%

These shops account for just 43% of all shops leased.

According to JLL, the decrease and changing profile of mainland tourists has been one of the key contributors behind the downturn in Hong Kong’s retail market over the past two years. Yet at the same time, it has created a new retail landscape within the city’s most well-known retailing precincts.

About 67% of shops on Russell Street in Causeway Bay, once the most expensive shopping strip in the world, were luxury watch and jewellery retailers in 2014. Today, these retailers account for just 43% of all shops leased, according to JLL’s latest Retail Atelier report. These changes are now returning diversity to the city’s most iconic retailing strips.

“Moreover, retailers and shopping malls are now introducing an array of new shopping experiences to help Hong Kong maintain its status as a shopper’s paradise.”