大衆零售商擠走奢侈品牌 進駐香港黃金地段

Aided by falLing rents in top locations, accessory, sport and lifestyle retailers are emerging as a new driving force of Hong Kong's $60b retail industry.

受益於頂級地段租金的下降，飾品、運動和生活時尚零售商正成爲香港價值600億美元的零售業的新動力。

From fast fashion chain HM to lifestyle brand Maison Kitsune and cosmetics firm Innisfree, mass market retailers are setting up shop in premises previously occupied by luxury brands in Hong Kong's prime shopping districts.

從快時尚連鎖店HM到生活時尚品牌Maison Kitsune，再到化妝品公司悅詩風吟，在香港的黃金購物區，這些大衆市場零售商陸續在曾被奢侈品牌盤踞的地方設立店面。

"This trend will continue," said Joe Lin, executive director at property consultant CBRE. "We are going to see more mass market brands reappear in prime locations."

房產諮詢公司世邦魏理仕執行董事連志豪稱，"這一趨勢還將持續，我們將會看到有更多大衆市場品牌再次出現在黃金地段。"

Luxury retail in Hong Kong exploded over the past decade as increasingly wealthy Chinese flocked to the city to buy high-end Western brands, pushing out local jewellers and other shops that once dominated the high street.

隨着越來越多的中國富豪涌入香港購買高端西方品牌產品，過去十年，香港奢侈品零售呈現爆炸性增長。這也導致了本地珠寶商和其他商店被擠出繁華的購物街。

"New retailers are not necessarily local brands but tend to be cheaper in pricing and younger... Not only does the adjusted rental fit their budget, but at the same time the craze and the demand for fitness and sports are also helping them," said Cynthia Ng, director of retail services of Colliers International.

高力國際商鋪服務部董事吳凱寧表示，"新零售商未必是本地品牌，但往往價格更便宜、更年輕化；不僅調整後的租金符合它們的預算，同時人們對健身和運動的狂熱及需求也對它們有所幫助。"

Still, mass-market brands might struggle to achieve the margins and profitability needed to justify prime rents in a weak retail environment, said Mr Kevin Lai, an economist at Daiwa Capital Markets in Hong Kong.

但大和資本(香港)首席經濟師賴志文表示，在疲弱的零售環境下，大衆品牌可能難以達到支付租金所需的利潤率和盈利能力。

"The luxury sector usually has much more value added," Mr Lai added. "So these guys may not be able to do exactly the same."

“奢侈品行業通常有更高的附加值，”賴志文說，“因此在提供價值方面這些零售商(大衆品牌)或無法做到完全一樣。”

Retail rents in Hong Kong's core shopping districts, still among the world's highest, are likely to fall another 5 to 8 per cent in the second half of this year, bringing the full-year correction to 10 to 15 per cent, said CBRE.

據世邦魏理仕表示，香港核心購物區的租金儘管仍排名全球最高之列，但今年下半年可能將再下跌5-8%，這將使全年跌幅達到10-15%。

Those declines are attracting new tenants to shops large and small.

這樣的跌幅正吸引新租戶租下大大小小的商店。