Hong Kong New Retail Entrants: Japan, Korea, Thailand Brands Claim 36% Share
New brands from Japan, South Korea, and Thailand now account for over one-third of Hong Kong's first-store openings in the first nine months of 2026, matching mainland Chinese retailers.
Overseas Brands Expand Footprint
Hong Kong's retail property market saw a significant shift in new store openings during the first nine months of 2026. Brands from Japan, South Korea, and Thailand collectively secured 36% of all first-time store launches. This market share, reported by Cushman & Wakefield, now equals that held by mainland Chinese retailers. The increase represents a 7 percentage point rise for these three overseas markets compared to previous periods.
Tourism Recovery Fuels Growth
This growth is linked to Hong Kong's ongoing tourism recovery. Cushman & Wakefield noted a surge of new brands entering the market, pushing their combined share to a three-year high. Japanese fashion label Cullni opened an outlet in Wan Chai this year. Second-hand goods retailer Ragtag also established a presence in Causeway Bay's Hysan Place. South Korean footwear brand Khiho launched its first Hong Kong store at K11 Musea in Tsim Sha Tsui.
Shifting Retailer Demand
The increased demand from Japanese, South Korean, and Thai brands contrasts with a reported decline in demand from mainland Chinese brands for retail space. Cushman & Wakefield anticipates this trend of rising international brand presence will continue.
This suggests a diversification in the types of retailers seeking to establish a foothold in the city, moving beyond traditional sources of new entrants.
The sustained influx of international brands could drive demand for prime retail locations across Hong Kong. Property owners may see increased competition for desirable spaces, potentially affecting rental yields. This trend also signals a broader shift in consumer preferences, favouring diverse international offerings.
Retail property investors should monitor new brand entry rates as a key indicator of market health and future rental growth.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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