Being entitled as “the best country for business” by the latest Bloomberg Best Countries for Business Survey, Hong Kong is veritably a global financial hub attracting corporate of all kinds to do business in. With neither import nor export tax, Hong Kong’s unique feature of being a free port does motivate retailers in setting up business here. Supported by the long-established positive non-interventionism of the government, Hong Kong is renowned for being the “freest economy” in the world (which is the 18th consecutive year with such top ranking since the Index of Economic Freedom was first published by the Heritage Foundation).
Along with the geographic advantage of situating at the pivot of Asia Pacific and being next door to the world’s second largest economy - China, Hong Kong is destined for overseas retailers to establish their regional headquarter or flagship stores in and as a stepping stone to the bigger market of Asia Pacific.
The business receipts index for retail industry for the first and second quarter of 2012 increased by 13.1% on a year-on-year basis, according to the latest local official statistics. The constant double digit growth of business receipts index since 2009 reflects the positive retail performance amid the ongoing Euro debt crisis and global economic slowdown. With vigorous domestic demand and inbound tourism growing at a healthy clip, the retail industry is poised to remain strong.
Attracted by the strong business performance together with sophisticated free economy structure and geographic advantage, more and more international retailers are compelled to start their business in Hong Kong and act as a support to further expansion in Asia Pacific, especially in Mainland. Moreover, Hong Kong would be the ideal for testing the Asian consumer’s market due to its complex culture with the blend of western and eastern elements.
Corporate can refine their business strategies based on the sales performance in Hong Kong before venturing in other Asian markets. Last year and early this year, several world renowned clothiers and other retailers anchored their retail chain or flagship stores here in Hong Kong, loading much pressure to the already stretched job market. For frontline positions in hot demand such as Junior Sales, they even consider candidates without sales experience as long as they have positive attitude towards the job. A little tip to retail sales job seekers, right attitude towards the job is often more important than working experience.
More overseas retailers, ranging from high end street fashion to luxury products, are determined to land in Hong Kong and join the talent war. Retail talents, are you ready?
Source/ Faro Recruitment