Retail News CRM

Tag: Mongkok

  • H&M Hong Kong plans new flagship

    H&M Hong Kong plans new flagship

    A newly built full-concept flagship store for H&M (Hennes & Mauritz) will officially open in Mongkok on January 29.

    The new H&M Hong Kong store spans three floors at Gala Place, a shopping destination known for young and trendy fashion. It will be the largest H&M store in Kowloon, offering a wide range of items for women, men, teenagers and children, as well as a home collection featuring Scandinavian designed bed linen, tableware, cushions and decorations.

    It is the second H&M home store for Hong Kong, and its LED facade will echo the neon lights of Mongkok.

    On its grand opening day, the first 100 customers in line will be rewarded with $100 gift cards and a limited-edition giveaway. Shopping hours will be extended until midnight, with normal hours (11am to 11pm) resuming from February 1.

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  • Chow Tai Fook wins 40 per cent rent cut

    Chow Tai Fook wins 40 per cent rent cut

    Jeweller Chow Tai Fook has reportedly re-signed a retail shop rental lease at a 40 per cent reduction.

    It’s a rent reduction which will energise the retail sector, but not doubt send shivers through Hong Kong’s property community.

    Several listed luxury retailers have in recent months been openly discussing expectations of reduced rents when re-negotiating with landlords over lease renewals. Their expectations are grounded in falling sales of luxury goods resulting from Mainland China;s gift-giving crackdown and a reduction in the number of cashed up, big spending Chinese tourists hitting the territory.

    But the sort of reductions being discussed have ranged between 10 and 20 per cent.

    According to Ming Pao, Chow Tai Fook has renewed the lease on its Mong Kok Bank centre branch – shops 6 and 7, on the ground floor.

    The previous rent agreed was $1.3 million in 2012. The new rent rate is 40 per cent lower. Other terms, such as the lease term, have not been disclosed.

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  • Hang Lung posts strong result

    Hang Lung posts strong result

    Hong Kong listed Chinese mall owner Hang Lung Group has reported a three per cent rise in turnover in the first half of 2015.

    The group said revenue reached HK$4.893 billion, with rental turnover up eight per cent to HK$4.148 billion. Property sales income decreased 17 per cent to HK$745 million due to the sale of fewer residential units.

    Overall operating profit of the group increased by three per cent to HK$3.725 billion.

    In Mainland China the group says it has benefited from increased investment in the Chinese market by luxury brands.

    “Our seven shopping malls in mainland China collectively posted an 11 per cent rental income growth to HK$1.684 billion,” the company said in its stock exchange filing.

    That portfolio comprises two malls each in Shanghai and Shenyang, and one each in Jinan, Wuxi and Tianjin. The two malls in Shanghai, Plaza 66 and Grand Gateway 66, contributed nine per cent more in rents to HK$1.059 billion and were almost fully let.

    “The young malls outside Shanghai cumulatively contributed 16 per cent more in rents year-on-year mainly attributable to contribution from the Riverside 66 shopping mall in Tianjin which commenced operation last September. All the young malls are going through different stages of gestation period with ongoing tenants or trade adjustments. Their occupancy rates ranged from 80 per cent to 90 per cent.”

    In Hong Kong, rental turnover of our diversified Hong Kong leasing portfolio rose seven per cent to HK$1.816 billion against the backdrop of declining overall retail sales in the local market.

    “All business segments of our portfolio recorded growth with total profit rose seven per cent to HK$1.556 billion. The resulting leasing margin was 86 per cent.”

    Positive rental reversions of Hang Lung’s Hong Kong commercial portfolio generated six per cent more in rents to HK$1.040 billion.

    “All the malls, which are situated in prime locations of Hong Kong, were virtually fully let. Grand Plaza in Mongkok and Amoy Plaza in Kowloon East both enjoyed a 13 per cent rental growth. The Causeway Bay commercial portfolio posted a five per cent rental income growth, despite Hang Lung Centre has been closed for renovation by H&M since January 2015.

    “The properties in Central collected seven per cent more in rents. The Peak Galleria at the

    Peak contributed extra five per cent leasing income to the Group. Kornhill Plaza, our regional mall in Hong Kong East, posted a stable rental growth of four per cent during the period.”

    Hang Lung said final preparations are underway for the opening of its shopping mall at Olympia 66 in Dalian towards the end of the year. This new mall comprises almost 222,000 sqm of retail area and 1200 car parks.

  • Mongkok raid after Snake powder poisoning

    Mongkok raid after Snake powder poisoning

    Hong Kong’s Department of Health has urged the public not to buy or use a product, branded Snake Powder Capsules, as it was found to contain undeclared controlled drug ingredients.

    The warning follows the admission to hospital of a 58 year old male, poisoned by the tablets, and a subsequent raid of a retail store in Mong Kok, and the arrest of its two staff.

    The man was admitted to hospital with chest pain and swelling. He had a history of consuming Snake Powder Capsules, purchased locally. Preliminary test results from the HA’s laboratory revealed that the product may contain undeclared Part I poisons and antibiotics. The DH conducted investigation immediately.

    A Chinese medicine centre in Mong Kok was subsequently raided in a joint operation by the DH and the Police. During the operation, a woman aged 50 and a man aged 29 were arrested for suspected illegal sale and possession of Part I poisons, an unregistered pharmaceutical product and antibiotics. Snake Powder Capsules were found and seized for analysis. The Government Laboratory has now confirmed that the product contains dexamethasone, ibuprofen, chlorpheniramine, tetracycline and chloramphenicol.

    According to the Pharmacy and Poisons Ordinance, all pharmaceutical products must be registered with the Pharmacy and Poisons Board of Hong Kong before they can be sold legally in the market. Illegal sale or possession of unregistered pharmaceutical products and Part I poisons are criminal offences. The maximum penalty for each offence is a fine of $100,000 and two years’ imprisonment. In addition, the Antibiotics Ordinance prohibits illegal sale and possession of antibiotics. Offenders are liable to a maximum penalty of a $30,000 fine and one year’s imprisonment for each offence.

    A DH spokesperson strongly urged members of the public not to buy or use products of doubtful composition or from unknown sources. All registered pharmaceutical products should carry a Hong Kong registration number on the package in the format of “HK-XXXXX”. Safety, quality and efficacy of unregistered pharmaceutical products are not guaranteed.

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