With Hong Kong bouncing back from the shopping downturn of recent years, investment in the tourist and business destination is ramping up and Hongkong Land has just announced a US $400 million (HK$3.1 billion) strategic investment to launch “Tomorrow’s Central, a planned transformation of” the famous Landmark commercial complex and mall. The company also estimates an additional US$600 million capital investment from retail tenants across Landmark, “reimagining the luxury landscape of Hong Kong”.

Labels including Cartier, Chanel, Dior, Hermès, Louis Vuitton, Prada, Saint Laurent, Sotheby’s, Tiffany & Co, and Van Cleef & Arpels have all “committed to create world-class destinations”.

Landmark in central Hong Kong has long been its key luxury destination and property giant Hongkong Land said it’s “set to evolve into the city’s ultimate lifestyle destination for global fashionistas, epicureans, and art devotees”.

With the total investment expected to exceed US$1 billion from both Hongkong Land and its tenants, the company said it’s “orchestrating the largest retail transformation of its Central Portfolio”. It will unfold over the next three years, in phases, with Landmark staying open throughout. 

We’re told that anchor tenants will more than double their footprints to over 220,000 sq ft (21,000 sq m), “elevating their retail concepts across awe-inspiring two-to-eight-storey Maison destinations, some of which will be among the largest available for the brands around the world”. 

These spaces aim to give the brands “unparalleled flexibility to fully realise their most ambitious creative visions”. And the focus will be on creating the ultimate luxury destination with attractions such as haute couture ateliers, private dining concepts, bespoke concierge services, and double-heighted salons for Very Important Customers (VICs)”. The company also said that four brands will “have the opportunity to debut al fresco terraces, allowing their valued clientele to enjoy a glass of champagne while taking in the beauty and buzz of tomorrow’s Central”. 

There will also be an “exquisite jewellery and watch boulevard, curated universe for beauty and contemporary fashion, as well as immersive experiential spaces dedicated to art”. 

As well as these high-profile global brands, the mall will retain its diversified retail offering of over 200 tenants, which includes “upcoming and legacy brands that have been long-term partners of Hongkong Land”, some of which are exclusive to the destination.

The company will also make the development as sustainable as possible and said it’s using 100% low-carbon concrete, 100% green rebar and 100% sustainable timber. Additionally, 80% of construction plant and equipment used in the project will be electric to reduce carbon emissions. 

It all underlines the bounce-back seen in Hong Kong lately, although its tourism arrivals still aren’t back to what they were at their heights in the previous decade.

But the developer quoted figures from PwC saying the size of Hong Kong’s personal luxury market is projected to reach HK$125.8 billion (US$16.1 billion) by 2030.

“Luxury brands see this city as home to some of their most sophisticated clientele, and we have solid data to support our confidence,” said Alexander Li, Chief Retail Officer, Commercial Property, Hong Kong & Macau of Hongkong Land. “Our most loyal clients, who represented 80% of sales from our loyalty programme, spent an average HK$1 million with us in 2023, and they purchased at Landmark every other week.”