Sales of jewellery, watches, clocks and valuable gifts led the charge.
The total value of retail sales continued its strong momentum after rising 11.4% YoY to a provisional estimate of $39.8b in March, according to the latest retail figures released by the Census & Statistics Department.
The sales value of jewellery, watches, clocks and valuable gifts refreshed its lead anew after increasing by 23.1%.
The sales of clothes, medicines and cosmetics and optical shops continued to trend upwards after rising 11.2%, 16.5% and 11.2% respectively. Electrical goods and other consumer durable goods; fuels; and books, newspaper, stationery and gifts also performed strongly in terms of retail sales after growing 7.8%, 5.7% and 8% respectively.
The rebound in Mainland tourism is buoying the near-term outlook of retail sales amidst positive employment and earnings prospects.
Demand for prime retail locations surged in Q1, according to CBRE Hong Kong’s market view, as local and foreign retailers grew more optimistic of positive business conditions and took advantage of more affordable rents following a rental slump that lasted for 13 consecutive quarters. Major leasing transactions include a Swiss watch brand leasing 1,200 sq ft in China Building in Central after leasing another prime shopping space in Central Building during the previous quarter.
“A new scene for retail and hotel industries is expected later this year with the opening of the Hong Kong-Zhuhai-Macao Bridge as well as the Express Rail Link later this year, which will shorten the travel time among the key cities in the Greater Bay Area and support the formation of a tourism hub,” said CBRE Hong Kong senior director for retail advisory and transaction services Lawrence Wan.
Do you know more about this story? Contact us anonymously through this link.