What: Sotheby’s, an auction house, opens its first-ever retail store concept

Why it is important: retail goes experiential, department stores need to be creative and find the best partners to revamp and spice up their offer.

Sotheby's is launching its first retail outlet in Hong Kong, offering a diverse array of items including collectible sneakers and dinosaur fossils, with prices ranging from HK$5,000 to HK$50 million ($640.6 to $6.41 million). The outlet, situated in Hong Kong's Central financial district, is part of Sotheby's new 24,000 square feet premises, which also includes a space for exhibitions. The move comes despite a downturn in luxury spending in China, attributed to the country's economic struggles impacting property and capital markets. However, Sotheby's remains optimistic about long-term Chinese spending. This retail initiative is expected to expand, with similar outlets planned for New York and Paris in the near future. Asian clients, particularly from Greater China, constituted 30% of Sotheby’s global transaction volume in 2023, underscoring the region's significant contribution to the auction house's business. More than a third of buyers at a recent major auction series in New York were Asian, indicating robust ongoing engagement from the region.

Sothebys opens its first-ever retail store in Hong Kong