The leasing agent for the YOHO Resorts World project disclosed yesterday that the retail spaces are popular among business operators, with 80% retail floor space leased as of yesterday.
There are numerous international brands among the renters, JLL, the exclusive leasing and market management agent for the project, underlined in a statement. The agent interprets it as “signaling the gradual recovery of retailers’ confidence in Macau’s consumer market.”
The realty agent further proclaimed the revival of Macau, despite the fact that local enterprises – especially small and medium enterprises that account for 99% of the city’s businesses – have been plagued by plunging revenues, due to people being driven northward by the Northbound Travel for Macau Vehicles scheme.
Citing visitor arrival and gambling revenue data from the Statistics and Census Service of Macau, JLL asserted that Macau’s tourism and gambling industry is seeing a rebound, in line with “the unprecedented speed of recovery of Macau’s retail market.”
In a prior press briefing, the international realty agent announced that the future property will house Galeries Lafayette, a French premium department store with a 128-year history and 65 locations worldwide; UFC Gym, a high-end fitness center; POP MART, a leading lifestyle toy retailer; Under Armour, a leading sports brand; Beebeeland, a large-scale game entertainment center; and Five Guys, a world-famous burger brand.
“Currently, the occupancy rate of the project has exceeded 80%, and there are plenty of lease requests, far exceeding the remaining floor space. Many of the retailers interested in leasing the mall are well-known international fashion, jewelry and watch brands,” Oliver Tong, general manager of JLL in Macau and Zhuhai, said. “With the peak of new supply of large-scale shopping malls in Macau now over, shop rents are expected to rebound by the end of this year as new floor space is absorbed.”
