High street brands replace luxury stores that exit HK prime space

Hong Kong

FROM fast fashion chain H&M to lifestyle brand Maison Kitsune and cosmetics firm Innisfree, mass market retailers are setting up shop in premises previously occupied by luxury brands in Hong Kong's prime shopping districts.

Aided by falling rents in top locations, accessory, sport and lifestyle retailers are emerging as a new driving force of Hong Kong's US$60 billion retail industry. It is part of a major makeover that the city is going through amid a slump in retail sales.

"This trend will continue," said Joe Lin, executive director at property consultant CBRE. "We are going to see more mass market brands reappear in prim…