Hong Kong's Harbour City
The Canton Road shopping center in Tsim Sha Tsui is hoping the spike in sales will continue and has budgeted HK$13 million for Christmas promotion.
“This growth could be attributed to the revival of consumer confidence,” assistant general manager (leasing) Canis Lee Lai-yi said yesterday.
According to her, the growth in the first six months was rather slow at 6 percent, but it bounced back strongly as shoppers have adapted to the human swine flu pandemic and signs of economic recovery have surfaced.
Lee said based on the current performance and the expected surge in retail sales in the Christmas peak season, annual retail sales are likely to break last year’s record of HK$13.4 billion.
The rent for new tenants and renewed leases has increased 25 percent, with the per- square-foot rents starting at HK$200 to HK$600 or even higher.
Lee said as long as sales are satisfactory, tenants are willing to pay a reasonable rent.
Lee does not consider the opening of more malls in the area as a threat to Harbour City since the formation of a retail cluster will boost the appeal of Tsim Sha Tsui as a shopping destination for tourists. read more at The Standard…