K11 MUSEA sees tourist spending surge; luxury sales nearly double

The luxury mall logged a sharp spending differential between visitors and premium brands.

K11 MUSEA in Hong Kong’s Tsim Sha Tsui district recorded a 1.25-fold increase in tourist spending year on year (YoY) during the first four days of the Labour Day Golden Week holiday, as sales at international luxury brands nearly doubled.

New World Development attributed the performance to the mall’s ongoing brand upgrade programme, which includes store relocations, expansions, and new openings ahead of the holiday period.

Watches and jewellery sales increased by nearly 90% from a year earlier, whilst beauty and sportswear categories posted growth of 23% and nearly 100%, respectively.

Newly opened restaurants at the mall also reported turnover growth of more than 50% during the holiday period.

The company said spending by Black Card members increased by nearly 100% YoY, with the largest single purchase nearing $2m (US$255,430).

Several international luxury brands completed store upgrades or relocations before the holiday, including Balenciaga—which opened its first duplex boutique in the region—Delvaux, and Tory Burch.

New openings and expansions in other retail categories included SHIRO, Verish, Dior Beauty, lululemon, and On.

New World Development said most stores that opened or reopened before Golden Week recorded growth of more than 50% during the first four days of the holiday.

The mall also ran its “MUSE STUDIO” programme between March and May, including the “Jazzing Cinema” event held on 1–2 May.

The company said spending at family-focused facilities and the cinema increased by a combined 30% YoY during the holiday period.

K11 MUSEA plans to complete the first phase of its brand upgrade programme this year, with more international luxury brands scheduled to open before year-end.

(US$1 = HK$7.83)