Retail sales up 7.5% to $38.7b in November

Thanks to a revival in mainland tourist arrivals, retail sales post its strongest growth in two years.

Fuelled by higher levels of tourist arrivals from the Mainland, retail sales rose 7.5% YoY to a provisional estimate of $38.7b which represents its strongest performance since February 2015, according to JLL Property Market Monitor.

Total visitor arrivals increased 7% thanks to a revival in PRC tourists.

JLL notes that sales across all broad outlet types showed positive growth in November as data from the Census & Statistics Department showed the sales value of jewellery, watches, clocks and valuable gifts rose 7.9% followed by sales of commodities in department stores (5.7%) and commodities in supermarkets (1.9%).

Notable transactions include Chinese smartphone brand Xiaomi who reportedly leased a G/F shop sized 6,208 sq ft at Chong Hing Square in Mongkok for a monthly rate of $1m.

Fortune REIT has also sold 180,238 sq ft Provident Square in North Point for $2b.

Other notable year-end retail leasing transactions include Silver Fortune Plaza which is leasing 19,918 sq ft and Zhongda Building leasing 1,752 sq ft.