Hong Kong's Retail Woes: A Canary in the Coal Mine for Global Trade The recent spate of high profile closures in Hong Kong's food and beverage sector is a grim reminder that economic uncertainty can lurk even in one of the world's most prosperous cities.
The shutdowns of Maxim's MX and Howard's Gourmet are not isolated incidents, but rather symptoms of a perfect storm of factors threatening to upend the city's retail landscape.
Falling rents have decreased by 74% from their peak in 2014 and 44% from pre pandemic levels.