Japanese retailers like 3Coins capitalise on Hong Kong's retail property slump to expand
3Coins, an Osaka-based retailer, plans to open an outlet in Causeway Bay, joining a list of Japanese businesses that are finding value amid a slump in Hong Kong's retail real estate market.
3Coins will open its first store in mid-July in Hysan Place and will carry Japanese products including grocery items, according to a Monday statement from Yaichi Group, a partner of the retailer. 3Coins was founded in 1994 and now has 365 stores across Japan. The size of the company's store in Hong Kong was not made available.
'Hong Kong's current economic climate is challenging … [but] many Hongkongers refer to Japan as their 'hometown', that's why we're committed to bringing good quality Japanese products at great value to the city,' said Lou.
He said Yaichi, which represents Japanese brands like Sugar Butter Sand, Tokyo Banana and Mr. Cheesecake in Hong Kong, was also looking to expand its Japanese brands in the city.
'We recognise the strong local demand for authentic Japanese products and are dedicated to introducing more high-quality offerings to meet consumer expectations,' he said.
The success stories of existing retailers in Hong Kong including supermarket chain Don Don Donki, furniture shop
Nitori , as well as Muji, Francfranc and Aeon, have boosted the confidence of other Japanese businesses in the city, said Jeannette Chan, senior director of retail at JLL in Hong Kong.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
4 hours ago
- South China Morning Post
1880 Hong Kong members offered alternative club, but ‘not what we signed up for'
Members of 1880 Hong Kong, a Singapore-based private club that recently shut down after only seven months in operation, have been offered a luxury lifeline by landlord Swire Properties. Advertisement The club told members on Thursday that they would be able to have joining fees waived for The Refinery, a club in Swire's Taikoo Place that is operated by The Peninsula, and a food and drink credit would be provided. But the announcement did not appear to have pacified members, with some preferring a refund of their original joining and subscription fees. Some said they no longer trusted the company and had not given their consent to join the alternative club, which was 'not what we signed up for'. 1880 Hong Kong's email to members on Thursday did not mention whether they would have to pay subscription fees for access to the luxury Swire-owned club. A member at The Refinery told the Post that her joining fee in 2021 was HK$50,000 (US$6,370) and the monthly subscription was HK$1,800, after a tenant discount. Advertisement The email asked members to contact The Refinery directly to accept the offer of full membership.
South China Morning Post
5 hours ago
- South China Morning Post
Hong Kong proposes 50% duty on net profits from basketball betting
Hong Kong authorities have proposed a 50 per cent duty on the operators' net betting profits from basketball gambling, while a public consultation found that 94 per cent of respondents supported legalising such activities. In a paper submitted to the Legislative Council on Thursday, the government said that the existing calculation and collection methods for football betting tax could be adopted for basketball gambling as one of the amendments to the Betting Duty Ordinance. The duty on football betting is levied at 50 per cent of the net stake receipts. 'The government's policy is not to encourage gambling. We adopt a multipronged approach targeting illegal betting. Law enforcement and strengthening efforts in it are our foremost measures,' Secretary for Home and Youth Affairs Alice Mak Mei-kuen said. 'Another measure will be promotion, education and counselling services. The last resort is when illegal gambling activities have become rampant; we need a limited and legal channel to divert illegal gambling activities into legal betting.' The proposal will be discussed at a meeting of Legco's home affairs, culture and sports panel on Monday. Authorities earlier proposed establishing a regulatory regime for basketball betting by modelling it on the existing one for football wagering. The Hong Kong Jockey Club's latest assessment showed that illegal basketball betting turnover reached HK$70 billion to HK$90 billion last year.
South China Morning Post
6 hours ago
- South China Morning Post
Robo financial adviser Syfe sinks teeth deeper into Hong Kong after US$80 million funding
Advertisement This round includes new all-equity financing worth US$53 million at a significantly higher valuation, according to the fintech start-up 's statement on Thursday. The latest financing brings the company's total funding to US$132 million since it was founded in 2019. Syfe founder and CEO Dhruv Arora said in a Post interview that the firm's latest fundraising transaction would help improve its services and onboarding process in Hong Kong and the broader Asia-Pacific wealth management sector. A robo adviser is an online platform that provides automated financial planning and investment guidance to customers with no human involvement. It uses artificial intelligence algorithms to match available products and services with users' needs. 'Private banking services are often not in reach, yet people want affordable, quality wealth advice and products,' Arora said. 'Syfe across the region, including in Hong Kong, is focused on solving the core needs of investors with simple and innovative products.' Advertisement The expansion plans of Syfe in Hong Kong reflect the city's position as Asia's largest hedge fund and cross-border wealth management hub. The city's asset and wealth management market amounted to more than HK$31 trillion (US$4 trillion) as of end-2023, with 64 per cent of the funding sourced from non-Hong Kong investors, according to data from the Financial Services and the Treasury Bureau.
