With Hong Kong grappling with ways to revive its moribund retail sector, developer Hong Kong Land has announced the city’s most ambitious downtown rejuvenation programme in decades.
Under the proposal, a staggering US$1 billion will be spent over the next three years to overhaul the developer’s portfolio in the Central business district, even as Hong Kong records some its worst retail performances in recent years.
The retail spaces due for a revamp are among the city’s most prestigious and include the Landmark, Prince’s Building, Alexandra House and Chater House, all of which house top designer brands.
Hong Kong Land will spend US$400 million on the project, dubbed “Tomorrow’s Central,” with tenants forking out US$600 million.
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A major part of the project will be the creation of what Hong Kong Land describes as “10 world-class, multi-storey Maison destinations” that it says will be “some of the best expressions of these 10 brands anywhere in the world.”
A “Maison destination” is a large retail space run by a fashion house, and those under the Tomorrow’s Central programme will be as high as eight storeys, the developer says.
The refurbishments will also provide 260,000 square feet of dining space and over 30 new or refreshed food and beverage concepts.
Hong Kong’s retail sector has struggled since the end of the pandemic, with local shoppers choosing to spend on the Chinese mainland, where prices are lower and the variety is greater. Meanwhile, mainland Chinese visitors have shown less willingness to spend on Hong Kong’s luxury goods.
