City's retailers banking on a return of the 'golden era'

Hong Kong's retail business made a quantum leap in the decade that followed the fateful onset of the SARS epidemic (Severe Acute Respiratory Syndrome) in early 2003 that almost brought the industry to its knees.

It was the start of the "golden era" for local retailers who were bathing in fortune brought about by a host of measures initiated by the central government to put Hong Kong's economy back on track, notably the Closer Economic Partnership Arrangement (CEPA), which was sealed in late June 2003, and the launch of the pacesetting Individual Visit Scheme (IVS) for Chinese mainland residents a month later.

The IVS kicked off with residents in four major cities in neighboring Guangdong province being allowed to come to the SAR on their own without having to join tour groups.