iPad for 13 US cents: Hong Kong mall operators pull all stops to attract local consumers amid weak spending
- Many of Hong Kong’s mall operators are offering eye-catching promotions of up to 90 per cent off
- Such promotions are better for generating revenue for both landlords and retailers than rental relief: Cushman
If you’re interested in getting an iPad for HK$1 (13 US cents), look no further than East Point City shopping centre in Hong Kong’s Tseung Kwan O district. The catch? Shoppers must have spent HK$50,000 at any of the mall’s stores to get the offer, which is valid until Wednesday.
Many of Hong Kong’s mall operators are offering eye-catching promotions of up to 90 per cent off, in their latest bid to aid tenants by drumming up sales amid a worsening economic outlook.
“Retailers are facing a life-or-death moment,” Annie Tse Yau On-yee, chairwoman of the Hong Kong Retail Management Association, said in a letter last week addressed to Hong Kong leader Carrie Lam Cheng Yuet-ngor.
The campaigns, ranging from steep discounts on electronics to just HK$1 for Boston abalone, are aimed at boosting spending over the next few weeks, as shoppers cautiously return amid easing social distancing measures.
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Analysts said that with the latest offers, developers and retailers were trying to tap into local consumer spending, with tourism all but halted.
