What: The Jing Daily reflects on the meaning of a retail icon closure in Hong Kong

Why it is important: Retail is not dead in the city, on the contrary, the current crisis provides some fresh air for a reset, even if this means that some iconic locations have to close (just like what happened in other markets such as the UK).

Joyce has announced earlier during the summer that it would close its iconic Central location in the heart of Hong Kong. For Jing Daily, this does not mean that Hong Kong is doomed as a retail destination. For instance, luxury brands have decided to seize the opportunity to invest in bigger flagships stores. Similarly, fashion operators have decided to open new stores in key locations while expanding their offering, such as Sweaty Betty and Whistles.

Analysts and observers believe that the low rents (they are at their lowest since 2003) provide a healthy correction and allows the Hong Kong scene to regenerate, in order to maintain its distinction with Mainland China as well as the rest of the world.

What the closure of Joyce Central means for retail in Hong Kong