4 minute read
HK is 4th most attractive city for retailers
Hong Kong, a market dependent on inbound tourism, ranked fourth in the latest Savills Retailer Attractiveness City ranking, as it faced “sharper declines” and is expected to face a longer recovery road.
In a statement, Savills said New York, Paris, and London topped the ranking as the most attractive cities for retailers, noting that they retained the key essentials of a successful retail location and are set to “bounce back quicker” this year than other cities.
“These cities all benefit from affluent domestic markets and have already demonstrated far higher levels of resilience over the last 18 months,” said Marie Hickey, director of retail research at Savills.
Hickey said New York suffered “relatively less” during the pandemic on the back of a robust domestic tourism market, whilst Paris saw lower penetration of e-commerce which drove more customers to physical luxury stores.
Luxury retail
With the mixed recovery across key destination cities, Savills said the pandemic created opportunities for retailers in emerging markets, especially in the Middle East and Asia.
Savills said it is seeing international brands looking at taking full control of tier stores in Dubai, where many luxury brands are represented by mono-brand stores through local franchises, with the recent changes in government policies.
It added that Cairo, Saudi Arabia, and Bahrain, which have relatively affluent domestic populations, pose opportunities for luxury retailers in the region.
Nick Bradstreet, director and head of Retail at Savills Asia, meanwhile, said the strict COVID-19 measures in China propelled domestic tourism and the emergence of new retail hotspots.
“Luxury brands will follow the lead of top developers which are expanding into Chengdu, Hangzhou, Kunming and Ningbo, amongst others. Of these, we see the most potential in Hainan, with the full island set to be a duty free zone by 2025,” Bradstreet said.
Unemployment and time spent watching pandemic news were linked to the symptoms
1 in 10 Hong Kongers show PTSD post-COVID
More than one in 10 of 12.4% of Hong Kong residents had exhibited post-traumatic stress disorder (PTSD), a year after the onset of the COVID-19 pandemic, a study by The Hong Kong Polytechnic University showed.
The study, which involved a largescale telephone survey of over 3,000 Hong Kong residents, also found that being unemployed or having no personal income, and with lower educational attainment were associated with a higher chance of developing PTSD symptoms.
PolyU also found that the amount of time spent watching pandemicrelated news can be associated with the severity of PTSD symptoms.
It noted that the respondents who watch news related to the pandemic for over an hour a day were found to be associated with increased compliance with the anti-pandemic measures and related advice, as well as more severe PTSD symptoms.
On compliance with preventative measures, the study found that middle-aged or older females with higher educational attainment were more compliant, whilst maintaining good hand hygiene and environmental hygiene was the most difficult to follow.
About 46% of the respondents were willing to receive the COVID-19 vaccine, the majority of whom were middle-aged or older married males who were family caregivers with lower educational attainment.
Of the respondents, 69% were aged between 18 to 59 years old and most are working adults.
Effect on the elderly
The second component of the study, which involved in-depth interviews of 31 adults aged over 65, found that the elderly generally believed that the COVID-19 pandemic was highly transmissible. As a result, most of them avoided leaving home for exercise and stopped regular activities.
Most of them also experienced “worry, helplessness, and depression,” whilst some expressed frustration.
It also found that the interviewees’ willingness to be vaccinated was primarily affected by their personal experiences, and opinions of their peers and families, adding that lack of understanding about the vaccines, cultural perception, and peer pressure were the main contributors to hesitancy.
David Shum, dean of the Faculty of Health and Social Sciences at PolyU, said the elderly were still suffering the negative impacts of the pandemic even if the fourth wave had been gradually subsiding when the survey was conducted.
“Being in a constant state of stress and not managing it could cause adverse impacts on our mood and daily lives, may lead to mental health problems in the long run,” he said.
He added that the public should carefully assess their PTSD symptoms and monitor changes in their own bodies, behaviours, and socialising activities, and seek help from professionals or social welfare organisations if the symptoms start to affect their daily lives.
Judy Yuen-man Siu, associate professor of the Department of Applied Social Sciences, said clearer health information about the vaccines should be disseminated to the elderly, and more resources should be invested in elderly support networks.
