Retail Properties

Hong Kong ranks as the world's most expensive high-street retail destination with average rent of US$4,327 per sq ft per annum, surpassing New York, Paris, London and Tokyo by a substantial margin, according to the latest research from CBRE. This is the third consecutive year that Hong Kong has ranked top of the global list. 

Vacancies fall at US community centres

New construction in the US hovers at low levels as the market has little enthusiasm for developing new centres, preferring expansions. Photo: AFP

US neighbourhood and community centre vacancies fell for a second quarter, indicating a pick-up in a market that has remained subdued since 2013 as consumers increasingly take to online shopping, real estate research firm Reis said.

Saturday, 18 April, 2015, 4:43pm

Hong Kong stores switch from luxury goods to selling food amid Easter exodus

Hong Kong stores switch from luxury goods to selling food amid Easter exodus

Hong Kong retailers have shifted strategy to cope with a sharp rise in people taking overseas breaks during the Easter and Ching Ming holidays and fewer mainland tourists.

18 Apr 2015 - 4:41pm 8 comments

Drop in retail sales to drive Hong Kong shop rents lower

At the sector's peak, Prada signed a lease contract reportedly worth HK$9 million a month. Photo: Reuters

In what is one of the largest single-brand shops in Hong Kong, Prada opened a two-storey store in Russell Street, Causeway Bay, before the Lunar New Year, 18 months after the Italian luxury brand signed a leasing contract reportedly worth HK$9 million a month.

18 Apr 2015 - 4:42pm

Hang Lung Properties looks to rental boost from makeover of key HK retail properties

Hang Lung Properties' Fashion Walk complex is undergoing a HK$300 million facelift that is expected to finish by December. Photo: May Tse

Hang Lung Properties is counting on a HK$500 million makeover of its main retail properties in Mong Kok and Causeway Bay to boost its rental income by up to 60 per cent.

18 Apr 2015 - 4:27pm

Pacific Place sales down 6pc last year due to Occupy Central protest

To mark the beginning of the year of the goat, A. Testoni general manager Ann Lee (from left), Alvin Kong, Pacific Place general manager Christopher Heywood and Fendi's Asia-Pacific president Gianfilippo Testa host Swire's lion dance ceremony at Pacific Place. Photo: SCMP Pictures

Swire Properties says retail sales at the Pacific Place shopping mall dropped 6 per cent last year as foot traffic was hit by the Occupy Central protest.

Retail director Alvin Kong said the fall was mainly due to the impact of the protest in the fourth quarter.

18 Apr 2015 - 4:48pm

China, Japan remain top targets for investors in Asia-Pacific retail property, JLL says

Cashed-up investment funds are likely to be looking at shopping malls on the mainland this year. Photo: Reuters

The amount of domestic and international capital aiming to invest in retail property in the Asia-Pacific is expected to grow this year, following the already “prolific activity” witnessed last year, JLL says.

18 Apr 2015 - 4:31pm

From couture to coffee, retailers are tailoring shops to big spenders

Hong Kong's luxury retail sector has rebounded on the back of mainland shoppers. Photo: Bloomberg

Stroll around Tsim Sha Tsui, especially Canton Road, and you will see hordes of designer devotees. The shopping district is a good spot to look at the state of Hong Kong's luxury retail business. In fact, the sector has rebounded strongly since the financial crisis, and across Asia, upscale brand sales are booming, with Chinese shoppers at the front of the queue.

2 Apr 2014 - 2:56am

Does HK$1.38m per sq ft make sense for a shop in Causeway Bay?

This tiny shop in Matheson Street was sold for HK$180 million. Photo: Sam Tsang

The sale of a 130-square-foot shop in Causeway Bay for a record HK$1.38 million per square foot surprised the market two weeks ago.

I received many inquiries regarding the deal after the South China Morning Post reported on it. The most frequently asked question was why the acquisition was made when retail rents were peaking.

25 Mar 2014 - 1:18am 2 comments

Asia's super rich go shopping for retail properties in the West

Storefront in Harlem, New York. Super rich Asians are buying up retail properties in the US and Europe. Photo: Bloomberg

Many of the super rich in Asia are drawn to invest in retail properties in Europe and the US because of the discount in pricing they get compared to their hometowns, a survey of 23,000 millionaires by property consultancy Knight Frank showed.

18 Apr 2015 - 4:35pm

Hysan Place helps drive developer’s underlying profit up 26pc

Hysan Place helped Hysan Development's rental income from the retail sector to surge 34.2 per cent. Photo: May Tse

Underlying profit for last year at Hysan Development, the largest landlord in Causeway Bay, jumped 26 per cent year on year to HK$2.04 billion thanks in part to the contribution from the recently redeveloped Hysan Place in the prime shopping district.

7 Mar 2014 - 2:58pm 1 comment

Canton Road defies the retail property market with rising store rents

Average rents in Canton Road rose 25 per cent in the 12 months to June, according to a research report from Savills. Photo: SCMP

According to a report from Sheraton Valuers, 10 shops in Canton Road changed hands this year. "In all cases the new tenants are paying higher rents than the previous ones," said Sheraton chairman Sunny Yam Wing-yin.

18 Apr 2015 - 4:40pm

Carlyle Group sells prime office tower in Manhattan for US$1.3 billion

The tower at 650 Madison Avenue in Manhattan. Photo: Bloomberg

Carlyle Group's US$1.3 billion deal to sell 650 Madison Avenue will set a record based on the per-sq-ft price for the office tower, driven by its retail space in the heart of midtown Manhattan's Plaza district.

5 Jun 2013 - 4:40am

Jewellers say no to high rents forprime shop sites

Jewellery retailer Chow Tai Fook recently leased a 4,500 square foot street-level shop in Yee Wo Street, Causeway Bay, for HK$2 million a month.

Retailers selling luxury watches and jewellery are rejecting the idea of paying big premiums for prime street-front shops, as mainland shoppers spend less on expensive gifts.

31 May 2013 - 4:41am

Mainland Chinese's declining spending hits rents for Hong Kong's street-level shops

Rents for street-front shops in prime locations are plunging as tenants and landlords adjust to a fall in mainland visitors that has triggered a slowdown in the growth of retail sales.

Retail sales by volume were up 10.2 per cent year on year in March, down from a growth rate of 21.9 per cent in February, according to the latest government data. Growth in sales of jewellery, watches and high-priced gifts slowed even more sharply, falling from 27.9 per cent in February to 9.8 per cent in March.

30 May 2013 - 3:33pm 3 comments

More than 50 global retail brands set up shop in Hong Kong in 2012

Hong Kong provides a world-class shopping experience to suit any taste and budget. Photo: AFP

Fifty-one retail brands set up shop in the city, according to a study by CBRE Global Research & Consulting, which monitored more than 300 new retail openings across Asia-Pacific in 2012.

8 May 2013 - 2:33am