Three years of democracy protests followed by a pandemic have devastated Hong Kong retailers who had grown used to relying on cash from mainland Chinese tourists.But a border town has seized the chance to evolve its local economy.Sheung Shui is the first town from the main overland border crossing and once thrived as a place where tax-free goods could be snapped up for resale back in mainland China — a process known as parallel trading.
“That wave of mainland spending, particularly focused on luxury, watches, jewellery, designer goods, it really propelled rents to world-beating levels.” At one large location in Hong Kong’s Central district — which commands some of the highest retail rents in the world — luxury brand MCM was replaced last year by sporting goods chain Decathlon, which snapped up the storefront for HK$800,000 a month — a 70 percent discount, according to local media reports.
“During the boom of , 80 to 90 percent of businesses in the Sheung Shui market area catered to parallel traders,” Law told AFP. His store, along with a cafe and a pottery studio nearby, represent a wave of nascent businesses trying to respond to local demand.Hong Kong, which has followed China’s lead in adopting a strict zero-Covid policy, is now in negotiations to resume normal travel with the mainland in a limited capacity.
Source: News Formal (newsformal.com)
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