What: Hongkong Land plans to revamp its flagship Landmark shopping mall in Hong Kong with a USD 1 billion investment.

Why it is important: The renovation aims to transform Landmark into an ultra-luxury destination, reinforcing Hongkong Land’s vision of creating world-class luxury lifestyle and retail hubs, and ensuring its competitive edge in the luxury market.

Hongkong Land, a leading luxury real estate developer, announced a USD 1 billion investment to transform its Landmark shopping mall in Hong Kong's Central district into an ultra-luxury destination. The project includes contributions totaling USD 600 million from ten top tenants, such as Cartier, Chanel, Dior, Hermès, Louis Vuitton, and Tiffany & Co., who will expand their retail spaces to over 226,000 square feet. This ambitious plan, set to unfold over the next three years, will feature haute couture ateliers, private dining concepts, bespoke concierge services, and two-story salons for VIP clients. The first phase will see Sotheby’s opening a 24,000-square-foot exhibition and retail space in July, followed by the reopening of The Landmark Mandarin Oriental hotel in 2025. This revamp aims to retain Landmark’s loyal customer base, which accounted for 80% of total sales in 2023, and to boost Hong Kong's luxury market, projected to grow at a 4.5% CAGR to USD 16 billion by 2030.

Hongkong Land unveils USD 1 billion landmark revamp plan