大众零售商挤走奢侈品牌 进驻香港黄金地段

Aided by falling rents in top locations, accessory, sport and lifestyle retailers are emerging as a new driving force of Hong Kong's $60b retail industry.

受益于顶级地段租金的下降，饰品、运动和生活时尚零售商正成为香港价值600亿美元的零售业的新动力。

From fast fashion chain HM 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.

从快时尚连锁店HM到生活时尚品牌Maison Kitsune，再到化妆品公司悦诗风吟，在香港的黄金购物区，这些大众市场零售商陆续在曾被奢侈品牌盘踞的地方设立店面。

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

房产咨询公司世邦魏理仕执行董事连志豪称，"这一趋势还将持续，我们将会看到有更多大众市场品牌再次出现在黄金地段。"

Luxury retail in Hong Kong exploded over the past decade as increasingly wealthy Chinese flocked to the city to buy high-end Western brands, pushing out local jewellers and other shops that once dominated the high street.

随着越来越多的中国富豪涌入香港购买高端西方品牌产品，过去十年，香港奢侈品零售呈现爆炸性增长。这也导致了本地珠宝商和其他商店被挤出繁华的购物街。

"New retailers are not necessarily local brands but tend to be cheaper in pricing and younger... Not only does the adjusted rental fit their budget, but at the same time the craze and the demand for fitness and sports are also helping them," said Cynthia Ng, director of retail services of Colliers International.

高力国际商铺服务部董事吴凯宁表示，"新零售商未必是本地品牌，但往往价格更便宜、更年轻化；不仅调整后的租金符合它们的预算，同时人们对健身和运动的狂热及需求也对它们有所帮助。"

Still, mass-market brands might struggle to achieve the margins and profitability needed to justify prime rents in a weak retail environment, said Mr Kevin Lai, an economist at Daiwa Capital Markets in Hong Kong.

但大和资本(香港)首席经济师赖志文表示，在疲弱的零售环境下，大众品牌可能难以达到支付租金所需的利润率和盈利能力。

"The luxury sector usually has much more value added," Mr Lai added. "So these guys may not be able to do exactly the same."

“奢侈品行业通常有更高的附加值，”赖志文说，“因此在提供价值方面这些零售商(大众品牌)或无法做到完全一样。”

Retail rents in Hong Kong's core shopping districts, still among the world's highest, are likely to fall another 5 to 8 per cent in the second half of this year, bringing the full-year correction to 10 to 15 per cent, said CBRE.

据世邦魏理仕表示，香港核心购物区的租金尽管仍排名全球最高之列，但今年下半年可能将再下跌5-8%，这将使全年跌幅达到10-15%。

Those declines are attracting new tenants to shops large and small.

这样的跌幅正吸引新租户租下大大小小的商店。