Retail News CRM

Tag: NEW WORLD DEVELOPMENT

  • Athleisure and Luxury Lift K11 Musea Tourist Sales by 26% During Golden Week

    Athleisure and Luxury Lift K11 Musea Tourist Sales by 26% During Golden Week

    Tourist spending at Hong Kong’s K11 Musea climbed 26 per cent year on year during National Day Golden Week. New premium fashion and sports apparel tenants drove the gains.

    Footfall at the waterfront complex rose roughly 12 per cent over the holiday period. That set an all-time October record for the property.

    Athletic apparel delivered the sharpest rebound. Spending by loyalty members on athleisure surged 279 per cent compared to the same holiday window last year. US label Alo Yoga helped drive those gains after opening a duplex harbourfront unit in September. Running brand HOKA added its largest Hong Kong specialty store during the third quarter. Chinese outdoor brand KAILAS also introduced its first mountaineering concept shop in the territory.

    Luxury flagships and dining lift basket sizes

    High-end jewellery and watches generated the bulk of high-ticket transactions. The single largest purchase approached HK$2 million. Member sales across international luxury labels rose 75 per cent year on year. Fashion apparel revenue climbed 25 per cent.

    Lower-level openings fueled the luxury surge. Prada launched a new duplex flagship, Miu Miu opened a boutique, and Max Mara unveiled a two-storey concept store.

    Restaurants captured spillover traffic from evening events around Victoria Harbour. An estimated 380,000 people gathered along both sides of the harbour for the 1 October fireworks display. Every harbour-facing restaurant inside the mall was fully booked for dinner. Dine-in revenue across the property rose 10 per cent year on year through the break.

    Tenant reshuffle tests high-density retail

    Spending patterns show how Hong Kong mall operators must reconfigure floors to capture mainland tourist dollars. Inbound travellers have shifted away from mass retail. Instead, they seek experiential dining, technical sportswear and luxury concepts.

    Landlord New World Development Company Limited swapped standard mall units for multi-storey duplexes and outdoor labels to defend market share against Causeway Bay and Central. The real test is whether athletic labels can maintain sales density once opening promotions fade.

    NWD broadens brand overhaul

    Holiday numbers follow a multi-year repositioning campaign across New World Development’s retail portfolio. During the previous financial year, the overall K11 operating segment expanded 9 per cent year on year. K11 Musea posted record full-year retail sales.

    Experiential events ran alongside the retail rollouts. The venue staged an immersive space exhibition called “Fly Me to the Moon: A 380,000 km Journey”. It also ran a gin-pairing dining promotion titled “Taste of GIN-dulgence” across 12 venues in K11 Musea and adjacent K11 Art Mall.

    New World Development plans to open another round of international retail flagships across K11 Musea before the end of the fourth quarter.

  • K11 Musea First-Half Sales Jump 40 per Cent on Luxury Tenant Overhaul

    K11 Musea First-Half Sales Jump 40 per Cent on Luxury Tenant Overhaul

    Hong Kong retail complex K11 Musea increased first-half revenue by 40 per cent year-on-year, posting record sales for the period following a sweeping overhaul of its tenant roster.

    Newly introduced brands at the Tsim Sha Tsui waterfront destination averaged sales gains of more than 30 per cent, parent company New World Development said.

    The landlord initiated the first phase of its brand repositioning in the second half of 2024. That phase will wrap up by the end of this year, clearing space for flagship retail formats designed to generate higher revenue per square foot.

    Watches and Jewellery Drive Member Spending

    Hard luxury delivered the sharpest gains. Loyalty member spending on watches and jewellery climbed 80 per cent year-on-year during the first six months, while outlays on international luxury labels rose 20 per cent.

    Recent openings include boutiques from Miu Miu and IWC Schaffhausen, alongside a duplex flagship for Max Mara. Running label Hoka and Chinese outdoor brand Kailas also opened locations at the property over the summer.

    Tourist retail spend climbed 50 per cent year-on-year across the summer holiday period, supported by targeted arts and cultural exhibitions. Loyalty club spending continued that pace into August, rising 30 per cent.

    Landlords Shift Floor Plans to High-Yield Tenants

    Hong Kong shopping malls are aggressively reallocating square footage toward top-tier luxury labels and high-margin outdoor apparel to capture higher average basket sizes from mainland visitors. Rather than relying on volume foot traffic alone, operators are filtering tenants by direct sales productivity, a metric Horace Lam, chief executive of K11 Hong Kong, identified as the primary filter for new leases.

    Prada will open a new boutique at K11 Musea in the coming months, alongside an unannounced international yoga apparel brand scheduled to make its debut before the upgrade concludes.

  • New flagship “K11 MUSEA” opens in HK in Q3 2019

    New flagship “K11 MUSEA” opens in HK in Q3 2019

    New World Development announced the naming of the most ambitious project to date from its ground-breaking K11 Group: K11 MUSEA, a new museum-retail complex situated in the heart of Hong Kong’s US$2.6 billion Victoria Dockside development.

    The new landmark K11 MUSEA – a name inspired by A Muse by the Sea for its retail concepts – will anchor the 3 million-square-foot, art and design district Victoria Dockside in Tsim Sha Tsui, described by US media as “Hong Kong’s Hudson Yards” and “Hong Kong’s most anticipated opening”, while also doubling as a new ultra high-end experiential retail, art, cultural and dining destination. It is set to reinvigorate the Tsim Sha Tsui harbourfront, one of the most notable pieces of real estate in Greater China, when it debuts in 2019.

    K11 MUSEA (pronounced: meu-see-ah) is Adrian Cheng‘s creature, Executive Vice Chairman of New World Development and Founder of K11 Group, who has developed a number of innovative museum-retail malls across Greater China and invests in tech, retail, fashion, property, entertainment, media and design globally.

    Helming the architecture of K11 MUSEA is James Corner (James Corner Field Operations) and Forth Bagley (Kohn Pederson Fox). The 10-storey K11 MUSEA will house an extensive selection of international brands – many of which will be flagships – and is the crown jewel of K11’s museum-retail concept, curated to offer visitors the best-in-class immersive retail experience.

    In fact, the journey will begin from its exterior. Designed with content-driven global millennials in mind, K11 MUSEA will greet visitors with its rotating world-class art collection. Its façade will feature one of the world’s largest living walls of over 50,000 square feet, while a one-of-a-kind outdoor amphitheatre space and a large LED screen will also be in place for a slew of cultural happenings.

    “K11 MUSEA, anchoring the newly designed Victoria Dockside, marks a significant milestone in retail development. And as K11 approaches its 10th anniversary this year, I’m delighted to announce the naming of K11 MUSEA, K11’s proudest project since the brand’s inception in 2008,” said Cheng, who is reinventing New World Development as a “cultural enterprise”.

    “Its location, scale and concept are unique, the project involves leading architects as well as over 100 local and international designers and artists. K11 MUSEA will also bring great cultural content back to Hong Kong’s Tsim Sha Tsui waterfront, which has lost its legendary charm since the late 90s. K11 MUSEA will be Hong Kong and Asia’s new cultural destination, where global millennials can come together and discover their muse.”

    Pioneering a new immersive experience for global millennials, K11 MUSEA takes inspiration from research that highlights Asian millennials as “Super Consumers”, a prominent driver of global consumption with spending power set to reach US$6 trillion by 2020 as they grow to account for 45% of Asia Pacific’s millennial population.

    Travel will continue to be a key lifestyle feature of Asian millennials, who are expected to see an 11% annual growth in outbound tourists. Chinese millennials, in particular, see travel and luxury as part of an indulgent lifestyle reflective of social status. K11 MUSEA caters to their sophistication and preference for exclusivity and bespoke products while positioning itself as an aspirational global destination merging art, culture and commerce.

    A new spatial design and curation by Hong Kong’s Iconic Harbourfront represents a world-class public art collection, which will be curated and displayed throughout K11 MUSEA’s premise, establishing it as the next cultural destination, while among K11 MUSEA’s architectural highlights is the 2,100-square-foot Sunken Plaza, modelled on Roman amphitheatres.

    The space features a façade with conical-shaped glass panels, the largest of which stands over 19 feet tall. Programmed water patterns and a misting system will also be installed. Together with an LED screen, measuring at 63 feet by 25 feet, Sunken Plaza will become an immersive venue for a slew of cultural events such as film festivals and live music events.

    Sustainability is at the core of K11 MUSEA’s offerings. The Project’s core and shell has achieved green building pre-certifications including the Hong Kong BEAM Plus (Gold) and the U.S. LEED (Gold).

    Boasting extensive greenery and over 50,000 square feet of living walls, equivalent to the surface area of 18 tennis courts, K11 MUSEA sets a new benchmark for green design in Hong Kong. Its interior features natural materials such as limestone and wood.

    Other highlight features include rainwater harvesting which provides for 100% of irrigation water and a seawater-cooled, oil-free HVAC chiller system, which reduces over 12% of annual energy consumption compared to the baseline of the stringent U.S. ASHRAE 90.1 standard.