Figures
Hong Kong Figures - Retail Q4 2024
January 15, 2025 10 Minute Read
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- Retail leasing momentum accelerated in Q4 2024, partly stimulated by the resumption of the multi-entry endorsement of the Individual Visitor Scheme. After falling 9.6% y-o-y in Q3 2024, total retail sales dropped 5.0% y-o-y in October and November combined. This brought the decline for the first 11 months of the year to 7.1% y-o-y, lagging growth of 16.2% y-o-y seen in 2023.
- F&B groups continued to display solid leasing demand, contributing 30% of this quarter’s leasing volume. Backed by growing visitor arrivals, pharmacies rose to become the second largest source of leasing demand, accounting for 9% of total leasing volume.
- Vacancy increased 1.0-ppt q-o-q to 7.8%, with Tsim Sha Tsui reporting an increase of 5.6-ppt, bringing its vacancy to 14.3%. Single-digit overall vacancy underpinned steady growth in high-street shop rents, which grew by 1.0% q-o-q, the same pace as in Q3 2024.This brought full-year growth to 5.7%.