What: The city's premium shopping mall Harbour City saw more than 70 new store openings in the first three quarters of 2022.

Why it is important: The shopping centre expects to see 100 new tenants this year and with relaxing quarantine rules, Hong Kong is expected more visitors.

Much of the growth has been driven by local demand as strict border controls remain intact with quarantine rules starting to loosen just last month. Retail revenue reports for the luxury shopping destination show an increase of 1% and an operating profit rise of 6% compared to the same time last year. For the first eight months of 2022, weekend and holiday traffic increased 10% year-over-year.

The Census and Statistics Department reported in July that retail sales value rose 4.1% year-over-year to 28.3 billion Hong Kong dollars, or 3.6 billion USD, reversing a two-month decline. July sales of watches, clocks and valuable gifts jumped 28.3% in value, while apparel retail sales value rose 3.7%.

Online retail sales value increased 8.6% year-over-year to 2.2 billion Hong Kong dollars, or 280 million USD.

Hints of a retail rebound in Hong Kong