Luxury Out of Fashion in Hong Kong Malls

The video discusses the challenges faced by the retail landscape, particularly luxury retailers, due to declining demand and changing consumer behavior. Consumers are spending less in physical stores and more online, becoming more discerning in their purchases. The demand for luxury brands like Louis Vuitton and Gucci has decreased, leading to a transformation in retail spaces. Malls are adopting innovative strategies, such as introducing unique dining and entertainment options, to attract customers and increase foot traffic.

What does the text suggest about the future of luxury retail in relation to online shopping?

Describe the current state of retail spaces in Pacific Place as mentioned in the text.