Pacific Place’s turnover rose for eight consecutive seasons

Retail market has picked up, and the turnover of Taikoo Properties (01972)’s Admiralty Pacific Plaza has increased for eight consecutive quarters. Retail sales in the first half of this year increased by 21.7% year-on-year.

Liang Yayi, general manager of Pacific Place, said that the retail market is performing well, and the luxury goods and catering merchants in Pacific Place are ideal. Although factors such as Sino-US trade war, RMB depreciation or other factors affecting the external economy, it is expected that it will not have a negative impact on the retail market. National Day Golden Week will continue to hold shopping promotions with merchants and hotels.

She pointed out that Pacific Place has introduced 40 new brands since 2016 and has opened about 30 limited-time stores. In the current merchant portfolio, the retail industry accounts for 70%, restaurants account for 20%, and the rest are life-related tenants. The mall has introduced 10 new tenants since the fourth quarter of this year, including two new restaurants and eight retailers, such as MUJI and tabletop beverage shop tea. The mall has set up a membership program since last year and currently has 45,000 members.