Hong Kong retail sales plunge in April
It’s the steepest dip in more than 5 years.
Hong Kong’s retail sales retreated 9.8% year on year in April, dragged down by a 40% y-oy plunge in watch and jewellery sales.
According to JLL, the drop in retail sales was the largest decrease in a month since February 2009.
Here’s more from JLL:
Tourist arrivals continued to record steady growth, up by 10.9% y-o-y in April. Visitors from Mainland China were up by 14.7% y-o-y, over the same period.
Retailers continued to show keen interest in large retailing spaces in prime shopping locations with Esprit pre-leasing three floors (17,944 sq ft) at Wings Building in Central for around HKD 2 million per month.
Henderson Land has sold the retail podium (16,000 sq ft) of Centre Stage in Sheung Wan for HKD 668 million (HKD 41,750 per sq ft, gross).
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