Hong Kong is one of the popular shopping destinations of the world and one can find best foreign luxury brands in elite markets of Hong Kong. Now the trend is finally changing, apparently cheap foreign ‘fast brands’ are invading Hong Kong markets. A good shopping paradise must cater to everyone belonging to different economic strata so it is welcome news but what is worrying authorities is that they can pose a threat to local brands.
Hong Kong shopping malls are creating space for Swedish brand Monki and U.S brands Gap, Forever 21 and American Eagle. All these brands are well known for affordable, fashionable trendy clothes. Others like H&M, Zara, Mango and Uniqlo have already established outlets in the city. So it is a foreign retail invasion and it will create good competition in the markets. Local brands will be pushed to compete for space and visibility, but it could be suicidal for economy.
Well, most market watchers always feel globalization has done good both to local populace and the world. So let us hope Hong Kong will set a good example by opening doors to foreign brands of all kinds while encouraging local home brands to grow as well.