Topshop's Hong Kong store a 'stepping stone' to lucrative Chinese market, says Sir Philip Green "It's been hard as most retailers will tell you, finding the right location in Hong Kong, at a sort of sensible price," he said. It's very, very tough. So this just came up, and fortunately we were able to put it together very quickly. However, the chief executive of Arcadia, which also owns Topman, Miss Selfridge and Dorothy Perkins, said he would rather build up local knowledge than rush to open a store. "Giving away a big country on day one - why would you do that?" he was quoted as saying in the Financial Times. You need some local expertise, but I'm not afraid to open one or two on my own. Sir Philip Green poses for a photograph at his new Topshop store in central Hong Kong (Photo: AP). Hong Kong is a popular shopping destination for mainland Chinese because of low taxes and a reputation for authentic goods. Foreign brands have been lining up to open up showcase boutiques in Hong Kong as they try to get a share of the spending by the increasingly affluent consumers visiting from mainland China, the world's second biggest economy. The demand has helped drive up shop rents in Hong Kong, a former British colony that's now a special administrative region of China. Other foreign retailers that have launched recently in the Asian finance center include US brands Abercrombie & Fitch, Tommy Bahama and Forever 21. Topshop has already opened 44 stores in Asia, mostly in the Philippines, Indonesia, Malaysia and Singapore..