2024 Retail Sales Stats

newhkpr · 04-09-2024, 03:36 PM

Originally Posted by Peaky:

Evidently they do at the Landmark (which is putting in USD1bn of investment over 3 years to massively redevelop an already upmarket mall, presumably also losing a massive amount on potential rental in the meantime while the place is emptied out)... someone really has massive confidence in the continued spending power and preferences of a tiny sliver of the local population!

Everywhere else a move downmarket will help. Mango's move seems smart.

It's funny to me having visited Bangkok recently (I lived there 2014-16). During Covid years they used the downtime to massively rennovate or rebuild their shopping centres along Ratchaprasong/Sukumvit. Well done.

In the meantime we did... just wait and see as no one in HK knew if/when Covid measures would ever end. Hence no investment into Cathay, no mall renovations etc. This all happens NOW, when others are raking in the $$ from their 2021/22/23 investments.

Cheeky Kiwi · 04-09-2024, 03:44 PM

I read somewhere recently (was it in this forum?) that the top 70 shoppers at Landmark spent HK$1 billion there in 2023.

Edit: It was in the Li Ka Shing 1881 story on Bloomberg

moctapxe · 05-09-2024, 11:18 AM

Originally Posted by newhkpr:

It's funny to me having visited Bangkok recently (I lived there 2014-16). During Covid years they used the downtime to massively rennovate or rebuild their shopping centres along Ratchaprasong/Sukumvit. Well done.

In the meantime we did... just wait and see as no one in HK knew if/when Covid measures would ever end. Hence no investment into Cathay, no mall renovations etc. This all happens NOW, when others are raking in the $$ from their 2021/22/23 investments.

Is because HK has no leadership. The "elected" incharge takes directions from HQ and we might as well put clerks in those position and save taxpayers a ton of money. Clerks are paid to follow orders as instructed.

mmbiker · 05-09-2024, 01:25 PM

The funny things is, most malls in China, the retail clothing stores are also doing poorly!! They are also having tough time.

Mainland China economy is pretty bad too. People are generally spending a lot less or buy online. Secondly, people here generally are less loyal and flock to places that is the lower price (I am the same )

Even mall like IFS, only the food court or kids play around is jam packed with people.

Side note: I was in HK last week, did the mall turn down the AC a bit to save on utility bill? In previous year, the AC in malls are freezing cold! This year, I thought is less so (actually more comfy).

freeier · 05-09-2024, 03:58 PM

Many people likes to blame here blame there. but in reality why would someone pay so much more to support hk's landlord and receive some bad experience. You can renovate the malls but who would pay more ? Simple thing, hk malls need to re-engineer itself.

Not sure what is this thing about money flowing north as well.. Hk has always been a middle man role creaming money from the in-out flows.. China has grown stronger in technologies and they are willing to do projects at much lower cost. We can be protective of HK industry but it will only make hk more and more uncompetitive and takes a much longer time to recover from the downturn.