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The catering industry expands against the market and opens stores in many districts to reduce the vacancy rate of Tsim Sha Tsui Street

2021-09-16T09:42:32.647Z


The epidemic has slowed down, the restrictions on dine-in food in restaurants have been relaxed, and the low rental levels of shops have caused the catering industry to "take advantage of the market" and expand against the market. Some real estate agents found that in the second half of the year, the four major areas of Causeway Bay, Central, Tsim Sha Tsui and Mong Kok


The epidemic has slowed down, the restrictions on dine-in food in restaurants have been relaxed, and the low rental levels of shops have caused the catering industry to "take advantage of the market" and expand against the market.

A study by real estate agents found that in the second half of the year, there was a net increase of 87 restaurants in the four major regions of Causeway Bay, Central, Tsim Sha Tsui and Mong Kok, which led to a decline in the vacancy rate in the region.


According to data from the Research Department of Midland Industrial and Commercial Stores, a total of 824 lucky shops were recorded in the four core areas from July to August this year, a slight decrease of 43 from the beginning of this year. Among them, the number of lucky shops in Central, Causeway Bay and Tsim Sha Tsui decreased by 24 and 15 respectively within six months. , 14 shops, while the number of shops in Mong Kok increased by 10. Midland estimates that the increase in shops in the district is mainly related to the closure of short-term rental stores in the area, including New Year's supplies stores.

The decrease in quay shops was mainly driven by the expansion of the catering industry.

According to data from Midland, due to the sharp drop in rents, the easing of the epidemic and the restrictions on dinning, the four core areas plus Yuen Long, the shopping district, have recorded a total of 2,456 catering merchants, a net increase of 100 from the beginning of this year.

In addition, the overall vacancy rate in the four core areas dropped slightly, from 11.5% at the beginning of the year to 10.9%.

The Midland pointed out that the data reflects the market situation on the eve of the distribution of government consumer vouchers to the early stage.

Before looking back at the epidemic, the overall vacancy rate in the four districts was about 6.5%. By the third wave of the epidemic in the second half of 2020, it once rose to 12.5%.

Comparing the vacancy rates of the four districts, Tsim Sha Tsui, which has concentrated tourists and many clothing and drug stores in the past, has a higher vacancy rate of 16.8%, while the vacancy rate of Mong Kok is lower, about 6.9%.

Midland also pointed out that the performance of tourism-related industries has not improved significantly, and the number of clothing, pharmaceutical and cosmetics merchants continues to decline.

At present, the main street with the largest number of paved shops in the four districts is Nathan Road in Tsim Sha Tsui. There were 42 paved shops in July and August this year. Granville Road in Tsim Sha Tsui has the highest vacancy rate, reaching 32%.

Midland expects that the launch of consumer coupons and the trial of partial customs clearance between China and Hong Kong will benefit the retail market. However, due to China and Hong Kong's strict epidemic prevention thinking, it is believed that it will be difficult to fully resume customs clearance in the short term. It is expected that the recovery of the retail market will be slow.

Consumer vouchers│experience in various regions indicates poor efficiency! How much money does Hong Kong actually flow into the retail industry? Sushi Lang Mong Kok shop opened, the epidemic city continued to expand, and the crowd continued to grow. How much money does the company make? The number of employed people in Hong Kong has dropped by nearly 190,000 people. Import and export trade has caused a wave of immigrants in the hardest-hit area. See the increase in property prices in various popular cities in the local area

Source: hk1

All news articles on 2021-09-16

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