The real story of 11 Skies is not about a failed shopping centre

The real story of 11 Skies is not about a failed shopping centre When the market the project was designed for has largely disappeared, the more useful question is whether it can adapt The real story of 11 Skies, however, is not about a failed shopping centre. It is about what happens when a city plans for one future and wakes up in another. When the project was conceived nearly a decade ago, the assumptions looked entirely reasonable. Mainland consumer spending was booming. Luxury retail was thriving. Cross-border travel was expanding rapidly. Hong Kong was positioning itself as a gateway for affluent visitors from across China and the region. The vision of creating a giant destination combining luxury shopping, dining, entertainment, wealth management and healthcare services near the airport seemed not merely plausible but obvious. The challenge facing 11 Skies today is therefore not simply bad execution. It is that the market it was designed for has largely disappeared. The temptation is to treat the possible transfer of the project back to the Airport Authority as a story about winners and losers.