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Chris Tsang

The outlook for shopping centres in Hong Kong is improving, and the business will thrive if operators use new stores and attractive events to counter locals’ fondness for cross-border shopping trips, according to the CEO of Hang Lung Properties.
The company’s malls recorded growth in July, and business would be “even better” in the fourth quarter owing to a full pipeline of new shops preparing to open, said Weber Lo Wai-pak on the sidelines of an event on Monday.
“Hong Kong shopping malls need to focus on getting the fundamentals right and offering the public new products and activities,” Lo said. “If there are engaging events, foot traffic will actually stay.”
Hang Lung’s malls recorded single-digit sales growth in July, while operating performance remained in line with the broader market as the retail sector continued a “gradual recovery”, Lo said.
However, many people left Hong Kong during the recent summer holidays, so the company would still need to “observe the situation” for a few more months, he added.
The leasing situation in Hang Lung’s shopping centres in Causeway Bay was “steadily improving”, Lo said.
“I expect further improvement in the fourth quarter as new stores open one after another,” he said. “Some shops are currently undergoing renovation, so there is a waiting period involved.”
Things would “keep getting better over the next 18 months”, he added.

Adriel Chan, chair of Hang Lung Properties, said merchants’ willingness to invest in Hong Kong and open new stores showed confidence in the local market.
“If Hong Kong’s shopping malls can be made more attractive, comfortable and convenient, I believe Hong Kong consumers will continue to shop locally,” he said.
Hang Lung Properties owns the large-scale shopping complex Fashion Walk, with Hang Lung Centre serving as a key element.
The massive, four-level retail space at Hang Lung Centre – spanning 4,274 square metres (46,000 square feet) – was for many years one of H&M’s largest stores in Asia.
Following the closure of the store in late February upon the expiration of its lease, the ground-floor retail space has been leased to the local pharmacy chain Lung Fung Group. The first and second floors feature mainland Chinese women’s fashion brand W. Management, and restaurants will be introduced on the remaining floors, according to market sources.
On the other side of Hong Kong’s harbour, Hang Lung held an opening ceremony on Monday to celebrate the launch of the Amoy Footbridge, a community infrastructure project supporting the continued development of Kowloon Bay.
The bridge was fully funded and built by Hang Lung Properties, the majority owner of the residential complex Amoy Gardens.
“Following the opening of the footbridge, Amoy Plaza recorded single-digit percentage growth in foot traffic,” Lo said. “Many food and beverage outlets only appeared after the bridge opened, with the second floor alone gaining over 20 new tenants.”
According to Lo, the occupancy rate at Amoy Plaza was currently close to 100 per cent, and rents were expected to rise in the future.


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Business

Property

Hong Kong & China

Leasing situation ‘steadily improving’ with new stores set to ‘open one after another’ in fourth quarter and beyond, Weber Lo says


Leasing situation ‘steadily improving’ with new stores set to ‘open one after another’ in fourth quarter and beyond, Weber Lo says.


Hong Kong malls see ‘gradual recovery’ with new stores and events: Hang Lung CEO

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Leasing situation ‘steadily improving’ with new stores set to ‘open one after another’ in fourth quarter and beyond, Weber Lo says

Leasing situation ‘steadily improving’ with new stores set to ‘open one after another’ in fourth quarter and beyond, Weber Lo says