Shoppers have become more cautious in the wake of the financial tsunami and shopping centers are planning more promotions to encourage spending, said Sun Hung Kai Real Estate Agency deputy general manager (leasing) Fiona Chung Sau-lin.
The company launched marketing campaigns including selling dried seafood packets for HK$1 and flowers for the same amount. Sales in the eight shopping malls owned by Sun Hung Kai Properties (0016) saw sales jumping 20 percent from last year to HK$208 million, while visitor numbers rose 11 percent to 5.33 million from January 21 to 28.
Sino Group said its Tuen Mun Town Plaza recorded HK$350 million in revenue in the first half of January and expects total turnover of more than HK$700 for the full month, up 8 percent from the same period last year.
Shopping mall tenants selling electronic items recorded a 30 percent rise in revenue, those selling clothes and jewelry saw a 15 percent gain while restaurants had double-digit growth.
Mall general manager Ronnie Chan Yam-ling said many people started to shop for the Lunar New Year in early January. There were 500,000 shoppers - the highest ever- on January 25, when the central Tuen Mun mall stayed open for 24 hours. Up to yesterday, 8.2 million people visited the shopping complex.
Sino Group's four malls, Tuen Mun Town Plaza, Avon Mall and Regentville Shopping Mall in Fan Ling and Tseung Kwan O's Maritime Bay Shopping Mall, had 10 million visitors up to yesterday.
Plaza Hollywood, a shopping mall in Diamond Hill, predicts revenue of HK$240 million for January, up 10 percent. The Link REIT (0823) said its tenants reported that turnover during the holidays was 20 percent higher compared to normal days.
Restaurants, especially those serving local cuisine, were the best performers thanks to an influx of mainland tourists.
