Retail Sales in HK Remain Soft Despite Packed Malls

Whilst occupancy rate for Swire properties held steady in 2024, retail sales at Pacific Place, Cityplaza, and City Outlets declined by 10.7%, 3.2%, and 2.3%, respectively. This too was the case in China, where the only Swire mall to see sales growth was Taikoo Li Qiantian in Shanghai. Soft consumer spending has been plaguing Hong Kong for quite some time now, and luxury malls like Pacific Place seem to be bearing the brunt of it all. K11 Art Mall in TST, for instance, was put on sale in 2024, and is still on the market due to pricing and market valuation issues between property developer New World Development and CR Longdation, who placed a USD 1.2 billion bid on the complex last year in August.