# Hong Kong retail market becomes increasingly polarised

- **Source:** Real Estate Asia
- **Published:** 2026-07-06T23:00:56.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-retail/news/hong-kong-retail-market-becomes-increasingly-polarised
- **Topics:** Commercial & Industrial, Transactions & Deals, Regional Markets

## Featured rationale

The widening performance gap signals polarised occupier demand, potentially strengthening prime mall leasing while mid-tier and neighbourhood assets face pressure from e-commerce and outbound consumption.

## AI summary

Hong Kong retail sales rose 8.6% year-on-year in April, as luxury sales increased 19.8% while department store sales declined 6.7%.

## Original article

Luxury retail outperformed whilst local department store sales saw declines.

Hong Kong's retail recovery continued to gain momentum in 2026, although performance across the sector has become increasingly uneven, according to Knight Frank.

Knight Frank said retail sales rose 8.6% year-on-year in April, marking a 12th consecutive month of growth, while sales for the first four months of the year increased 11.3%.

Luxury retail remained the standout performer, with sales of jewellery, watches, clocks and valuable gifts rising 19.8% year-on-year in April. However, local consumption segments remained weaker, with department store sales declining 6.7% and supermarket sales increasing just 3.0%.

The consultancy also highlighted accelerating growth in online retail, with e-commerce sales rising 30.2% year-on-year in the first four months of 2026 to account for 9.7% of total retail sales. Knight Frank forecasts online retail sales will reach HK$37 billion this year as mainland Chinese e-commerce platforms continue to intensify competition.

According to Knight Frank, the retail property market is becoming increasingly polarised. Prime shopping malls continue to benefit from recovering tourism, stronger spending by mainland Chinese visitors and resilient luxury demand, while mid-tier and neighbourhood malls remain under pressure from growing e-commerce penetration and outbound consumption.

## Chinese translation

> Translation model: grok

### 香港零售市场两极分化加剧

据莱坊，香港零售复苏在2026年持续增强动能，但行业表现日益不均衡

奢侈品零售表现突出，本地百货销售额则出现下滑。

据莱坊（Knight Frank），香港零售复苏在2026年持续增强动能，但行业表现日益不均衡。

莱坊称，4月零售销售按年上升8.6%，连续第12个月增长；今年首四个月销售额则上升11.3%。

奢侈品零售仍是亮点，珠宝、钟表及贵重礼品销售4月按年上升19.8%。然而本地消费细分仍偏弱，百货销售额下跌6.7%，超市销售额仅升3.0%。

该咨询机构亦强调线上零售加速增长：2026年前四个月电商销售按年上升30.2%，占零售销售总额的9.7%。莱坊预测，随着内地电商平台持续加剧竞争，今年线上零售销售将达370亿港元。

据莱坊，零售物业市场正日益两极分化。顶级购物中心继续受益于旅游业复苏、内地游客更强消费以及具韧性的奢侈品需求；中端与社区商场则继续受电商渗透上升与出境消费压力。