Times Square retail refocus pays off
A refocusing of the Times Square retail offer has paid off for parent The Wharf Holdings.
In Wharf’s annual results released this week, the company says revenue for the total complex increased by 6 per cent to HK$2.687 billion, despite renovation temporarily disrupting some retail areas, and operating profit by 3 per cent to HK$2.346 billion.
Retail revenue increased by 7 per cent to HK$2.017 billion with occupancy rate maintained at 99 per cent despite the refurbishments.
“The prominent 17-level mall design and expertly-managed trade mix of Times Square make it one of the most successful vertical malls globally,” Wharf asserted in its results.
Last year, conversion of the 9th floor and part of the 10th floor into a lifestyle hub was completed, with various new lifestyle brands, including Donguri Republic, Labo Hair & Nail by Il Colpo, Lenscrafters, Osim, OTO, Sugarman, Tic Tac Time and Tissot introduced to enhance one-stop lifestyle experience.
Part of the 10th floor has been renamed as “Square on 9th floor”, and is now housing Metro Kids by Metro Books, Hanbing Korean Dessert Cafe and Life Kan, with enhanced circulation.
Elsewhere in the centre, new commitments and openings included Korean beauty products giant AmorePacific, Burberry Beauty, Laura Mercier, MAC, Origins, Stuart Weitzman, Kurt Geiger and Kikki.K, widening the product range.
“ Overall, the tenant mix has been further refined with existing tenants committed to relocating with new images, including Marks & Spencer, Adidas, Camper and Max & Co. The recruitment of established F&B brands including Haagen-Dazs dessert cafe, Greenhouse by Gaia Group and Joe & The Juice further enriched dining offerings,” said Wharf.
An array of featured kids’ brands including Kingkow, Marks & Spencer Baby and Watsons Baby was introduced in “Kids Square”, a new zone established on 13A floor, catering to a broader range of shoppers.
Wharf says constant marketing initiatives also spurred the success of the centre in an era of declining retail sales. Certain family friendly events were hosted, including Disney Pixar’s Summer Blockbuster Inside Out Exhibition, the first-ever Star Wars Jedi Academy in Hong Kong, Gundam Docks at Hong Kong II; and Warner Brothers’ Summer Blockbuster Pan Exhibition with Hugh Jackman’s special appearance, effectively boosting publicity and footfall.