• Consumption weakened further this quarter as the weaker economy prompted shoppers to spend more cautiously. Retail sales in January and February combined fell by 31.8% y-o-y.
  • Retail leasing momentum was largely non-existent, with most retailers remaining reluctant to commit to expansions or relocations under the current weak market conditions.
  • Beginning in February, numerous retailers either closed stores temporarily or curtailed business hours.
  • Only a handful of leasing transactions were completed in core districts this quarter.
  • Vacancy along tier 1 streets in the four core districts climbed further, pushing up overall vacancy to 8.6%, the highest in four years.
  • Vacancy in Central stood at 14.9%, the highest among the four core districts.
  • The rental decline accelerated in Q1 2020, with overall high street rents falling by 10.3% q-o-q, exceeding the 9.7% q-o-q drop recorded in Q4 2019.
  • The sharp decline in footfall pulled down overall shopping mall rents by 5.6% q-o-q during the quarter.