The company’s flagship store will increase its revenue by 10% in the coming year.
The three major flagship shopping malls of the company’s Tuen Mun City Plaza, Tai Kok Tsui Oi Kiu Estate and Tsuen Wan Tsuen Wan Tin will increase their revenue and traffic by 10% year-on-year. The increase in rent next year is similar to this year.
Located along the West Rail, benefiting from the mainland passenger flow
Bi Jiahao, general manager of Xinhe Group’s rental department, said that although the recent economic factors are not stable, after communicating with its merchants, it is expected that the retail industry will still maintain considerable growth in 2019. As the current employment rate is high, the public’s purchasing power is strong. With the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong high-speed railway and the Hong Kong-Zhuhai-Macao Bridge officially opened to traffic, the number of mainland tourists has increased. Its three flagship stores are located along the West Rail. It is expected that the overall turnover and flow of the Group’s shopping malls will increase by about 10% next year.
Bi Jiahao pointed out that this year’s shopping malls have an average rent increase of 8% to 15%, and it is expected that the rent increase will be similar next year. The merchant portfolio will adopt a weak and strong strategy, introduce more attractive retailers, and be optimistic about cosmetics, sporting goods and other industries.
In addition, the Group will launch the first cross-shop social interactive reward mobile app in Hong Kong in the first quarter of next year in exchange for concession and shopping rewards. The first phase covers 3 flagship stores with an investment of 20 million yuan. 100,000.