When it comes to my country's famous commercial center, where do you think of the first thing? Joy City in Beijing, Vientiane City in Shenzhen, Hang Lung Plaza in Shanghai, or Causeway Bay in Hong Kong.
The development of Causeway Bay can be traced back to Causeway Bay in the mid-19th century. It was the headquarters of the British-funded enterprise Jardinet Foreign Company . Due to the inconvenient transportation at that time, a new seawall connecting the bay was built, which is also one of the sources of the English name of Causeway Bay.
By the 1980s, Causeway Bay ushered in a large-scale renovation and development. After its return, the name of Causeway Bay was retained. Due to the previous accumulation of commercial capital, Causeway Bay gradually became one of the most important commercial centers in Hong Kong. At the same time, the Causeway Bay shopping area is also the most expensive area in the world.
But unfortunately, Hong Kong Causeway Bay has recently shown a development fatigue, which can be said to be glorious. Data related to shows that as of this year, there are more than 1,100 shops in the Causeway Bay area, nearly 200 of which are in a vacant state, and the vacancy rate has accounted for nearly 20%.
It seems that Hong Kong's Causeway Bay fell from the altar overnight, but from last year's economic report, it can be seen that Hong Kong has begun to fall into an economic recession since last year. Especially this year, due to the impact of the epidemic, Hong Kong has lost a large number of foreign tourists and its tourism income has also been greatly reduced, which has affected the development of Hong Kong's economy as a whole.
Related economists estimate that the rents of Hong Kong stores may continue to decline in the future, with a drop of up to 30%. Even though the rent price has been repeatedly lowered, it has not prevented the move of some luxury brands. Prada flagship store and Tissot watch store have withdrawn from Causeway Bay at the beginning of the year. At the same time, Chow Tai Fook Jewelry Group even stated that it would re-evaluate the profitability and operating income of Hong Kong stores and consider whether to withdraw certain funds and certain stores.
Compared with the brands just now, Victoria's Secret directly closed its stores in Causeway Bay. This underwear brand from the United States has been in Causeway Bay for less than three years. It is reported that the lease contract signed by Victoria's Secret and the Causeway Bay shop is 10 years. This time, the contract was terminated 7 years ahead of schedule and faces the pressure of huge fines. However, under this pressure, Victoria's Secret resolutely chose to withdraw from Causeway Bay.
In addition to the economic downturn caused by the epidemic, the economic situation in Causeway Bay is also one of the important factors in the story of Victoria's Secret's move.
All signs indicate that the economy of Hong Kong's Causeway Bay is not optimistic. Through this phenomenon, we can see that the economic situation in Hong Kong has also shown a downward pressure, but some economists say that the current economic development situation in Hong Kong has shown its lowest value in 10 years, and the GDP growth rate in 2019 has also fallen to zero growth.
In fact, I personally believe that the main reason for the Hong Kong economy to experience a sharp recession in 2019 is the issue of public security. Last year, if the world was in full swing, the inability to protect public security will inevitably lead to an economic recession. However, I believe that the promulgation of the Hong Kong Public Security Law this year will enable Hong Kong's public security to develop stably, and Hong Kong's economy can also recover and develop.
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