K11 Art Mall outperforms HK retail market in second half of 2022

K11 Art Mall has recorded over 15% year-on-year sales and 100% occupancy between July and November last year as Hong Kong eased its covid restrictions, outperforming the 0.8% growth in total retail sales according to the Census and Statistics Department of the government.

Sales and footfall of the mall during Christmas and New Year’s Eve last year also reached double-digit growth year-on-year, with the single-day visitor figure hitting a new 10-year high. In addition, a 20% rise in new K11 Art Mall membership was recorded.

K11 Art Mall achieved solid year-on-year sales growth of over 15%, of which Café & Confectionery and Lifestyle tenants posted a 40% and 80% sales increase respectively. To further boost footfall and engage with Gen Z customers, K11 Art Mall staged the “MUSIK11: Winter Sparks” music shows featuring more than 20 emerging music groups and local rising stars who delivered sensational live music performances over a 5-week period in December and participated in the countdown activities during the festive season.

Furthermore, K11 Art Mall has attracted 40 new tenants to sign up or renew their leases, accounting for 40% of all tenants with a 100% occupancy, according to the release. 

In order to deliver an elevated retail experience, the mall had welcomed an enticing mix of local and international innovative brands. For example, an “Urban Active” theme in the ground floor has ushered in a number of new popular urban outdoor brands, including The North Face’s largest concept store in Hong Kong. Following in its footsteps, K11 Art Mall successfully introduced the first wooden-designed store of Japanese professional sports brand ASICS. Local fashion and lifestyle retailer Popcorn Supply also set up its new flagship store on the ground floor, bringing together dozens of international fashion brands.

Besides, IKEA also launched its new store located at K11 Art Mall in the heart of Kowloon last August. The outlet focuses on promoting sustainable and healthy living, with a dedicated “Sustainability” zone featuring hundreds of furniture and accessories conducive to a green and low-carbon lifestyle, including beddings made from organic and renewable fabrics, and handy kitchen utensils that help reduce and categorise waste, as well as conserve water and electricity. 

This comes despite Hong Kong’s retail sales have dropped 4.2% in November last year compared with the same month in 2021, the largest decrease since March last year. This is due to the softening of retail businesses following the improvement in the preceding month.

According to the latest figures released by the Census and Statistics Department, the revised estimate of the value of total retail sales in October 2022 increased by 4.0% compared with a year earlier. For the first 11 months of 2022 taken together, it was provisionally estimated that the value of total retail sales decreased by 1.1% compared with the same period in 2021.

Of the total retail sales value in November 2022, online sales accounted for 12.8% out of the total retail sales value in November 2022. The value of online retail sales in the month provisionally estimated at $3.8 billion, which increased by 9.4% compared with the same month in 2021.

Related articles:

Kotex unveils multi-sensory and interactive pop-up exhibition
Nespresso introduces new sustainability concept with K11 Musea and common farms
K11 Group launches mooncake donation initiative to spread love during Mid-Autumn Festival
HSBC and K11 Group partner to leverage on each others huge membership base