Border boost for Chow Tai Fook

Chow Tai Fook (1929) has overseen a significant growth of 29.4 percent in its retail sales value in the second quarter following the end of pandemic controls on both sides of the border.

Its mainland RSV saw a quarter-on-quarter increase of 25.2 percent, while the RSV for Hong Kong, Macau and other markets surged by 64 percent, reaching around 76 percent of the prepandemic level in 2019.

In the first quarter, the group's business was helped by a surge in travel and retail activity in the mainland, Hong Kong and Macau.

Same-store sales in the mainland saw growth of 8.5 percent, while Hong Kong and Macau's were even better at 64.9 and 62.1 percent, respectively.

K11 Musea and K11 Art Mall, the flagships of New World Development (0017), too saw a surge in year-on-year sales of over 80 percent in the first half.

The two malls further anticipate continued growth in sales and pedestrian numbers during the summer.

K11 Art Mall is planning a range of cultural exhibitions and immersive experiences this month and next that target Generation Z visitors with a distinctive shopping experience.

In the first half, K11 Musea attracted significant foot traffic through various events, including the Art Karnival art celebration, a Father's Day "flash mob" featuring a giant Rubber Duck, and an exclusive exhibition commemorating the 10th anniversary of popular Korean boy band BTS.