Mom's the word for Labor Day rush at mallsBusiness | Kate Lin 3 May 2016
Labor Day weekend sales at malls of Sun Hung Kai Properties (0016) were better than last year, as many people started shopping early for Mother's Day on Sunday.
SHKP's nine primary malls including Landmark North, Mikiki and East Point City recorded a cumulative 6 percent rise in tenant sales to HK$180 million compared with last year.
Excluding Park Central, which is under renovations, turnover at shops in the eight malls rose 7 percent from a year earlier.
Fiona Chung Sau-lin, general manager of SHKP's leasing department, noted the festive atmosphere drives sales in restaurants in the period leading up to Mother's Day. Warm weather also boosted sales of clothing and apparel retailers.
The malls saw more local and mainland visitors during the three-day holiday, also known as Golden Week, she added.
Meanwhile, a slump in luxury spending has compelled many local malls to open pop-up stores as they adapt to changes in the consumption pattern.
Landmark North, a mall near Lo Wu port, has opened eight short-term outlets to provide more options to shoppers. Chung said earlier that some potential tenants even have to queue to move their shops into the Sheung Shui mall. Tenants are mainly cosmetics brands, fashion and jewelry retailers. The mall also holds promotional campaigns to attract customers.
Another SHKP mall apm said that about six pop-up stores will be launched for the first time. The shops, sized between 100 and 300 square feet, will be leased for less than six months.
Meanwhile, high-end shopping mall Pacific Place, owned by Swire Properties (1972), has also adopted the short-term leasing tactic.