New Retailing research report from Euromonitor International is now available from Fast Market Research
[USPRwire, Thu Feb 18 2016] As mainland tourist numbers fell and retail rents remained high, some leading apparel and footwear retailers responded by closing poorly-performing outlets and engaging in cost-efficiency management. The flat current retail value growth in the mature store-based retailing channel was due largely to strong competition from internet retailing. Having the competitive edge of global presence and resources, leading international brands progressively tapped into internet retailing in Hong Kong. However, local independent apparel and footwear retailers are in particular were negatively affected, including Giordano International Ltd, IT Ltd and Bossini International Holdings, which registered a single-digit decrease in number of retail outlets in 2015.
Despite a mature 2% current value sales increase, G2000 (Apparel) Ltd maintained its leading position in apparel and footwear specialist retailers with a value share of 4% in 2015. The local fashion giant sustained a modest loyal customer base comprised of both local and mainland Chinese shoppers. G2000 Hong Kong also revamped its official website, redesigned physical stores and actively engaged in its marketing efforts, especially through social media. Office wear maintained stable value sales, while G2000 Hong Kong also expanded notably the youth apparel brands AT TWENTY and U2.
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The forecast period will be challenging for many apparel and footwear specialist retailers as Hong Kong retailing is losing its ability to attract mainland tourists, who are looking to other favourable destinations for shopping. The sales channel is expected to register a retail value CAGR of 1% (constant 2015 prices) over the forecast period to reach HK$53.0 billion in 2020. Apparel and footwear specialist retailers are increasingly shifting their focus to expanding and developing e-commerce platforms, while maintaining stable growth in store-based retailing. Global Brands Group, which distributes and manages numerous luxury brands in Hong Kong, announced it was in talks with Alibaba and JC.com, the leading e-commerce platforms in mainland China.
Discover the latest market trends and uncover sources of future market growth for the Clothing and Footwear Specialist Retailers industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.
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If you're in the Clothing and Footwear Specialist Retailers industry in Hong Kong, China, our research will save you time and money while empowering you to make informed, profitable decisions.
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