The Taikoo Hui mall in Guangzhou. Swire Properties
Shanghai’s Taikoo Hui mall saw retail sales jump 171 percent year-on-year and rental occupancy at 97 percent in the first quarter of 2021, with a similar sales increase of 169.6 percent year-on-year recorded by Guangzhou’s Taikoo Hui mall, which boasts rental occupancy of 100 percent, according to a first quarter operating statement released by Swire Properties.
Sino-Ocean Taikoo Li in Chengdu saw first quarter sales rise 122.7 percent on the year and sales at Taikoo Li in Beijing’s Sanlitun district were up 113 percent year-on-year, with that property also reaching 100 percent rental occupancy this quarter.
Though these sales jumps speak to the strength of China’s luxury market in major cities, they also come off the relatively low base of 2020′s first quarter, in which China battled the worst of its Covid-19 outbreak and luxury malls were largely devoid of their regular footfall for a significant period as customers stayed home.