HK retail leasing shifts: Japanese, Korean, Thai brands gain share as mainland demand slips

Japanese, South Korean and Thai brands now account for over one-third of new entrants in Hong Kong's retail property market, up 7 percentage points in the first nine months of 2026, while mainland Chinese brand demand has declined. This marks a three-year high for these foreign brands, driven by a slew of new openings. The shift reflects changing consumer preferences and could signal a rebalancing of Hong Kong's retail landscape, with implications for commercial real estate and cross-border trade flows.