Harbour City retail revenue rises
Harbour City retail revenue rose 5 per cent last year and demand for space from prospective tenants remains high.
The 2 million sqft shopping mall in Kowloon finished last year with a virtual 100 per cent occupancy rate according to a stock exchange filing from parent The Wharf Holdings.
Overall revenue for the complex (excluding hotels) increased by 6 per cent to HK$8.567 billion and operating profit by 6 per cent to HK$7.484 billion. Of that, retail revenue increased by 5 per cent to HK$5.949 billion.
“Despite a weak market, Harbour City remains a global showcase in the region for the world’s coveted brands. Among the most productive malls in the world with critical mass and outstanding tenant mix, Harbour City continues to receive robust retailers’ demand and support,” the company said in its filing.
The centre is the core and anchor of the 6 million sqft Greater Harbour City cluster of the golden square mile in Tsim Sha Tsui covering high-traffic shopping, entertainment, dining and lifestyle.
“To stay well ahead of the trends, Harbour City strives to improve its retail offering with aspirational, young and lifestyle brands as well as to organise exclusive marketing events to exceed customer expectations. These alongside the ongoing asset enhancement initiatives continue to bring pleasant surprises and excitement to shoppers,” the company said.
New openings or commitments including Miu Miu (Canton Rd), Philipp Plein, J. Crew, Pandora, Sulwhasoo and Rado further optimised the tenant mix. The introduction of various Hong Kong / Kowloon debuts across distinct categories including Maison Margiela, Issey Miyake, Christian Louboutin Men and Tea WG Boutique “continued to uplift retail and culinary experience”.
The Wharf Holdings says a number of renowned fashion brands have expressed keen interest in expansion in Harbour City. Committed expansions included Jimmy Choo (flagship), Bottega Veneta, Prada, Giuseppe Zanotti and Roger Vivier. Various performing lifestyle brands including Log-On have also expanded “to better catch their strong trends”.
The company says the Ocean Terminal enhancement works are progressing to plan. Premises improvement including the retail and culinary upgrade on the third floor is well advanced. New offerings including Ballin, Leonard Paris, MM6, Pleats Please and Vivienne Westwood Cafe are attracting incremental patronage.
“The extension building, targeted for opening by mid-2017, will create new culinary options with a wondrous panoramic view over the harbour and city skyline.”
Conversion works on the fourth floor at Gateway were completed last year with Adidas (flagship), China Tang’s Kowloon debut and other new retail concepts set for launch this year.