Jaye Stimson O'Donnell’s Post

Thanks to Melissa Gecolea for inviting me to share my views on TVB (Television Broadcasts Limited)’s Pearl Magazine. During the episode we discussed Hong Kong’s ongoing retail and F&B crisis, a topic I am deeply passionate - and vocal - about. Why? Because the retail and F&B sectors represent the most visible face of an economy. It gives a city its “buzz”, something that Hong Kong has long been known for. And to many people heading out at night, walking on the streets, or shopping in our malls, be they locals or tourists, Hong Kong looks like it’s on life support. Unfortunately, the retail industry is being hit on two fronts: 1. Tourism numbers are forecast to reach just 70% of their pre-covid levels this year, with visitors coming for much shorter stays and spending far less per trip than before the pandemic; and 2. Outbound travel numbers are forecast to exceed their pre-covid levels this year (from ~94m trips to ~96m trips), with locals capitalising on a strong Hong Kong dollar to go on longer overseas stays…while spending far more per trip than before the pandemic. If you’ve read my previous posts on Hong Kong’s retail woes, then you’ll be aware of some of my suggestions to revive the industry, including a retail vacancy tax, among other things. But at its core, the solution lies in offering locals a better reason to stay…and tourists a better reason to visit. If you can create enough demand, supply will follow. Conversely, if you deliver the right kind of supply, demand will come. Rather than outline a laundry list of policy suggestions, one of the most fundamental areas that Hong Kong must address right now is on the PR front. After all, perception is reality, especially in today’s social media world. And good PR has been sorely lacking. The reality? There so much to see, do, and experience in this amazing city. It’s also a phenomenal place to live and work. The situation on the ground is also far more “normal” / business as usual than much of the western media make it out to be. The fact is, most people simply want to get on with business and enjoy themselves. But that message is REALLY not getting out there in the right way…or at all. Address Hong Kong’s PR woes as priority #1 and the city will already be half way there. #hongkong #retail #restaurants #nightlife

🌟 Is Hong Kong Still Competitive? Insights on the F&B Landscape 🌆🍽️ I recently had a conversation with a fellow consultant about the state of Hong Kong's food and beverage industry. We find ourselves in an unprecedented elimination phase—this isn't just another "it will come back" scenario; we need to adapt swiftly. This period is reminiscent of the baby boomer business era—those who evolve, like McDonald's and Mercedes Benz, will thrive, while those resistant to change may face extinction, much like Gerber. So, what does this transitional phase mean for us? We must focus on local market dynamics. The pandemic has fundamentally shifted consumer behaviors, making local appeal more crucial than ever. With tourist numbers unlikely to rebound to pre-pandemic levels and traditional attractions struggling to compete, our attention must turn inward. Consider the Night Market campaign from the HKSAR government. If it's targeting locals, we may need to rethink pricing strategies. Conversely, if tourists are the focus, it faces tough competition from Taiwan's vibrant night markets, Japan's renowned food streets, and Thailand's culinary hubs. What unique value can Hong Kong's night market offer to draw visitors? Even the drone falls short in its allure. As tourist interests shift towards western and northern regions, businesses must adapt their strategies accordingly. Unless we see groundbreaking government initiatives, prioritizing the local market is essential. Let’s tackle this challenge together, fostering innovation to ensure Hong Kong remains a competitive player in the ever-evolving F&B industry! 💡🍽️ I’d love to hear your thoughts! #HongKong #FBIndustry #LocalMarket #BusinessStrategy #Innovation #LeyenConsulting

While tourists are important to Hong Kong, business, convention, and event travellers play a substantial role in driving the economy. In 2024 alone, Hong Kong welcomed 700,000 business visitors, each spending 30% more than tourists, contributing HKD$5.6 billion to our city. Mega-events like Art Basel, Rugby Sevens, and the upcoming Coldplay concerts are key to attracting these high spending visitors. Beyond entertainment, these events attract guests who shop, dine, and stay in hotels, creating a ripple effect that revitalise businesses and brings vibrancy, euphoria and life back to the city. As we approach Mr. John Lee Ka-chiu’s policy address this Wednesday, it would be valuable to prioritise attracting mega events, and thus, high-spending visitors. Hong Kong’s future depends on it. #HongKongEconomy #BusinessTravel #MegaEventsHK #HighValueVisitors #HighSpendingVisitors #FutureOfHongKong #EconomicGrowth #StrategicTourism

Closing restaurants has been a hot topic in Hong Kong this week, partly because of the increasing interest for locals to cross border to Shenzhen for more affordable consumptions. High rent in HK is to blame, of course, but from my observation during the Easter break, the busy restaurants were ones that aren’t relying heavily on trends. What seems to attract both locals and tourists are the ones that have a genuine pov on local food cultures - flavours or experiences that people can’t get anywhere else. The Hong Kong government announced restaurant subsidies during Covid, a defense. Now that Covid is over, maybe it’s time for an attack plan. Idea: An accelerator/ incubator for new restaurants where entrepreneurs could pitch concepts that bring excitements to the local food cultures. The special unit could provide guidance in networking/ operations (like Invest HK) and funding for concept proof and testing (like BUD fund). Like everything, easier said than done. But f&b is too crucial for the city’s competitiveness we can’t afford to ignore it. If you are working on relevant projects, please get in touch as I’d be keen to contribute. Here’s an ad of Hong Kong from 1995.

Hi Hong Kong, Asia's World City, Where have we stuck? The hot topic to me last week was "HK is dead!" from all those born in Hong Kong Chinese, and the discussion was about how reasonable the spending in Shen Zhen , Cheng Du 's new fashion scene, and Bangkok's gourmet. I wondered why there were no more new and cool happenings in Hong Kong. Who can bring the best value to Hong Kong again? why has HK not become the beautiful city it used to be? after I saw this video, I started to think about the one word. Uniqueness what brings us to the international stage back in the old good days? this 1995 video reminded me, that HK used to get a lot of First in Asia. Gov can spare some funds for all the real "big events" to keep everyone in Asia excited again... if we lose Taytay Swift, what about we have Billie Elish/Jackson Wang welcome the new Kai Tai sports park? or what is the real deal in HK? Let's keep the ball rolling!!! Share your view!

I found this great article by Amber Zhang on Baiguan that I wanted to share. It talks about the idea of a utopian city in China and how young people today see city life. I've heard about Dali many times over the years, and it's no wonder the place has become especially popular lately. It's hard not to notice the frequent WeChat posts showing trips to Dali, with photos of Erhai Lake and the laid-back environment. The place has become even more popular after the TV show "The Wind's Place" (去有风的地方), which beautifully portrays Dali's charm and the struggles of local entrepreneurs who return home from large cities to transform their village into a sensational tourist spot. Despite facing losses, these entrepreneurs are determined to improve the lives of their fellow villagers (I have to admit, I'm a fan of this show as well 😅) This article provides an incredible background into Dali and its rise as a utopia for tourists. Dali has become the go-to place for people to escape their hectic lives and find peace. On the flip side, Dali's booming tourism industry is fiercely competitive, attracting numerous business owners eager to start ventures there. However, what makes doing business in Dali challenging is the delicate balance between preserving its cultural authenticity and meeting modern urban standards. Visitors seek to immerse themselves in the local culture and live like locals, but they still expect the conveniences and standards of large cities, such as comfortable housing and high levels of hygiene. Interestingly, this contrasts with the behavior of Chinese tourists when they travel abroad to cities like Paris or London. There, the preference often leans towards staying in five-star hotels. Yet, in Dali, the focus shifts to finding accommodations that feel as local as possible, while still providing urban quality. I wanted to share this article because I found it fascinating and thought it would be a great way to introduce more people to this amazing place. It's also a great example of how local entrepreneurs in China are re-innovating hospitality and service, with family businesses becoming the backbone of Dali. #china #tourism #competition #dali #hospitality #innovation #vision #mission #beijing

I’m going on a holiday to Shanghai soon. Just thinking about it got me super duper excited. I can’t wait to enjoy myself. I gonna stuff myself with those giant crab-filled xiaolongbao which I’d seen on IG. I gonna act like Andy Lau in Shanghai Grand and ask my wife to take some photos. And I made a reservation at Mr&Mrs Bund by acclaimed chef Paul Pairet. Can’t wait! Did you realize that the anticipation of something is always stronger than the actual moment itself. Very smart psychologist have proven this thing call the anticipation effect. We are always excited, looking forward to the next big thing. That holiday we are going soon…. That Michelin-starred restaurant you booked 3 months ago in 2 days time. We get super excited just thinking about it. But the event itself, in that actual moment, 75% of the time, it falls flat. It’s not what we imagined it to be. Not to our expectations. Here’s the thing… Our anticipation is fueled by our imagination. And we often imagine the best possible scenarios, which can lead to intense excitement. So, to bring this perspective into business, If we can deliver an exceptional impressive experience that is superior to people’s imagination, we can create an impact— a lasting, memorable experience. And this is what brings recurring customers and 5-star reviews to your business. PS: I share 3 specific ways you can go about delivering an exceptional experience to your customers in my Very Unusual Insight newsletter. Let me know and I’ll give you access. #entrepreneurship #marketing #businesstips #businessstrategies #restaurantowners #restaurant #growth #branding #restaurantowners #foodbusiness #gkbizsecrets #veryunusualinsights #chefgwernsecrets

Simply lowering prices is not the solution, especially in Hong Kong at this time. With customers flocking to the Greater Bay Area on weekends and mainland Chinese travelers seeking experiential tourism in Hong Kong, customers are no longer just seeking affordability. The former, seemingly driven solely by price, often experiences superior service quality on the mainland. In contrast, the latter, fatigued by luxury goods, desires unique and local experiences. For various brands and businesses, including my boutique consultancy, we have never viewed price cuts as the answer. Instead, we focus on offering higher-priced services through storytelling. A prime illustration of this approach was the launch of our Fractional CMO service. Instead of increasing investments in traditional marketing or resorting to discounts during economic downturns, we opted to market a premium service at a higher price point. Although initially challenging to sell, this strategic decision allowed us to streamline operations, save time, and reduce costs by concentrating on selling a select few premium offerings. By leveraging data-driven insights and making informed choices, we effectively navigated economic hurdles and stabilized our financial position. This innovative mindset enabled us to seize new opportunities, leading to the acquisition of a bubble tea shop earlier this year. ___ Got you interested in #ContentMarketing ? 🧲⚡ Join a community of 200+ entrepreneurs and gain access to valuable resources that will help you level up your content game. Subscribe to my exclusive email list today! https://loom.ly/ZnL_SWM

Is this an exaggeration or is this a reality? Hong Kong residents seem concerned about the state of affairs. The Facebook page "Concern group of Hong Kong shop closures" with 354,000 followers is proof of that. We have to face the reality: over 700 restaurants have shut down in the past few months. On top of that, we don't know how many businesses have narrowed down operations just to survive another month. Bad weather has been widely discussed over the Golden Week. If anything, it's a strong indicator that we are at a point where no factor is too small to consider. A rainy day could tip a small business over the line. Hong Kong has the right spirit to overcome anything; the first step, however, is to recognise the obstacle that we must overcome. Just a few weeks ago, it was raining throughout the Cathay/HSBC Hong Kong Sevens, yet the city still drove business. Hong Kong is great at bringing in Chinese travellers. Not only do we have to keep that up, but now we need to focus on international travellers too. #hongkong #goldenweek #labourday #tourism

🌟 Is Hong Kong Still Competitive? A Perspective on the F&B Landscape 🌆🍽️ Recently, a Hong Kong F&B consultant reached out to me, inquiring about my insights into the local food and beverage industry. My response mirrors sentiments shared in a previous post: we are currently amid an elimination phase. This period evokes memories of the baby boomer business era—those who adapt thrive, akin to McDonald's and Mercedes Benz, while those resistant to change risk facing extinction, much like Gerber. What does this transitional phase entail? It's paramount to tune into the local market price points. The pandemic has markedly reshaped consumer behaviors, making the local market the primary focus. With tourist numbers unlikely to rebound to pre-pandemic levels and Hong Kong's traditional attractions grappling with competitiveness, local appeal is key. Consider the Night Market as an example. If it's targeting locals, its pricing may miss the mark. And if tourists are the aim, it contends with Taiwan's lively night markets, Japan's famed food streets, and Thailand's culinary hubs. What distinctive value can Hong Kong's night market offer to entice visitors back? Even the drone falls short in its allure. As tourist interests shift towards western and northern Hong Kong, businesses must pivot their strategies accordingly. Unless groundbreaking government initiatives surface, catering to the local market should take precedence. Let's confront this challenge head-on, fostering innovation to ensure Hong Kong retains its competitive edge in the dynamic F&B industry! 💡🍽️ #HongKong #FBIndustry #LocalMarket #BusinessStrategy #Innovation