Retail sales climb 6.5% YoY as leasing activity stays firm

Visitor arrivals rise as banks lift rents in core districts.

Retail sales in Hong Kong grew 6.5% year-on-year (YoY) in November 2025, marking a moderation in overall growth as spending diverged across categories, according to a monthly market update by JLL.

Performance varied sharply by segment. Sales of electrical goods surged 38.6% YoY, whilst sales of fish, livestock and poultry accelerated to 7.7% from 2.5% in October 2025. Growth in jewellery, watches and clocks, and valuable gifts slowed to 3.6% during the month, the update said.

Visitor arrivals increased 17.4% YoY in November 2025, up from 12.2% in October 2025, providing support for retail demand. The increase was driven primarily by long-haul markets, whilst growth from short-haul markets decelerated to 8.8% from 18.3% in October 2025, reflecting a 0.5% YoY decline in arrivals from Southeast Asia.

Retail leasing activity in prime locations remained active in December 2025, led by banks and securities firms. A Singapore-based securities firm, Longbridge Securities, leased multiple floors at 58 Russell Street in Causeway Bay at a reported monthly rent of $1.2m, about 9% above the previous tenant’s rent.

Separately, DBS committed to a ground-to-first-floor retail space at 50 Nathan Road in Tsimshatsui at a reported monthly rent of $2.0m, representing an estimated 33% increase over the prior lease.

Investment activity recorded a distressed transaction towards year-end. Winland Group sold a 1–M2/F retail space at Lippo Centre in Admiralty for $300.0m, or $10,449 psf, with the buyer reported to be the same party that acquired two units on the second floor of The Galleria in Central in August 2025, the update said.