New World targets local consumers for kid-themed mall

April 18, 2016 11:14
D. Park is expected to turn profitable in six to seven years. Photos: HKEJ, D. Park

New World Development Co. Ltd. (00017.HK) expects its newly refurbished shopping mall in Tsuen Wan, in which it has invested HK$700 million, to turn profitable in six to seven years, the Hong Kong Economic Journal reported on Monday.

The developer has turned the complex into a kid-themed shopping center called D. Park to lure local consumers who account for more than 90 percent of total spending in the place, said executive vice chairman and joint general manager Adrian Cheng.

The mall, whose renovation began in 2012, started trial operations in January after raising rents by over 30 percent. 

Rents will rise over 35 to 40 percent when the mall officially reopens.

Visitor traffic has averaged three million a month, 30 percent higher than before the renovation, and is expected to be up more than 50 percent at a later stage.

Over half of the 160-plus tenants are doing business related to kids, with 30 percent being local brands.

Cheng said the company is planning to develop two or three D. Park malls in the mainland, catering to the needs of 13 million new couples each year.

[Chinese version中文版]

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Hong Kong Economic Journal