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"Chinatown has been going downhill since 10 years ago. It only got worse in the past two or three years," said Raymond Hong, 58, owner of Rainbow Photography.

"Competent departments and local authorities need to carefully study how to prepare for effective projects. They should make accurate and meticulous calculations and take new measures to ensure that the investment will be cost-effective, and contribute to greater development and better livelihood," Li said.

"Competition will make it harder for Alibaba, but it will add to the excitement of the overall 11.11 festival," said Richard McKenzie, a partner at consultancy Oliver Wyman in Hong Kong.

"Chinese President Xi Jinping's speech at the 2017 World Economic Forum at Davos is very important. He spoke very much in favor of globalization, cross-border cooperation, and about addressing shared problems. This is good for China's soft power," Dube said.

"Customers are more conscious of brands. So, informative labels on products can increase customers' loyalty," said Li.