1881 Heritage mall in Hong Kong faces steep decline due to reduced Chinese consumer spending.

Hong Kong's luxury malls, especially the 1881 Heritage mall, are facing a steep decline as Chinese consumer spending dwindles. Only three of over 30 retail units are occupied, impacting brands like Tiffany and Cartier. Contributing factors include fewer Chinese tourists, an ageing population, and economic challenges. Analysts predict that the luxury market may not recover to pre-2019 levels, further slowing the city's growth and employment prospects.