Eighty percent of the floor space at "YOHO Resorts World Shopping Centre" has been leased
World-renowned retail brands will make their debut at the grand opening this summer
Macau and Hong Kong, June 12, 2023 - YOHO Resorts World Shopping Centre in Macau, for which JLL is the exclusive leasing and market management agent, has now leased 80% of the retail floor space, attracting numerous international brands, and signalling the gradual recovery of retailers' confidence in Macau's consumer market.
Oliver Tong, General Manager of JLL in Macau and Zhuhai, said: "JLL is committed to assisting the owner to make 'YOHO Resorts World Shopping Centre' the region's most eye-catching and popular tourist shopping centre. The opening day of the shopping mall has been a great opportunity to benefit directly from the full reopening of the mainland and Macau border, which has led to a significant rebound in mainland visitors to Macau. 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, jewellery and watch brands."
The five-storey, 400,000 sq ft "YOHO Resorts World Shopping Centre", developed by YOHO Group is set to be the largest shopping centre on the Macau Peninsula, with a wide range of facilities including Chinese & Western restaurants, bars, cinemas, supermarkets and amusement parks. The shopping centre is working with its partners to create a refined luxurious shopping experience with six international renowned brands, including the debut of Galeries Lafayette, a French premium department store which has a 128-year history and 65 locations worldwide; UFC Gym, a high-end fitness centre; POP MART, a leading lifestyle toy retailer; Under Armour, a leading sports brand; Beebeeland, a large-scale game entertainment centre; and Five Guys, a world-famous burger brand. In addition, the project has secured a lease from Bona Film Group for approximately300,000 sq ft for a cinema with a total of seven screens. Upon completion, it will become the most prestigious cinema in Macau, giving the market a boost and bringing a new experience to the audience.
"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. It is unlikely that there will be another large shopping mall in such a prime location and with such a good mix of facilities on the Macau Peninsula in the near future, thus attracting a large number of tenants," Tong added.
Currently, multiple favourable factors are driving the retail market in Macau. According to the Statistics and Census Service of Macau, the number of visitors in April 2022 increased by 2.7 times year-on-year and increased by 16.2% compared to March. Among them, the number of visitors from mainland China increased by 1.6 times to nearly 1,390,000 people, while the number of visitors from the Nine cities in the Pearl River Delta and Greater Bay Area increased by 56.4% to over 610,000 people. On the other hand, Macau's gaming revenue rose for the third consecutive month and reached the highest level since January 2020, reflecting the unprecedented speed of recovery of Macau's retail market. The opening of the shopping mall, coupled with the rebound of Macau's tourism and gaming industry, is expected to further attract regional tourists to the city. As a result, "YOHO Resorts World Shopping Centre" is set to become a compelling destination in Macau and the future shopping paradise that drives Macau's tourism industry.
Tiffany, the representative of the YOHO Treasure Island, said, "The geographical location of 'YOHO Resorts World Shopping Centre' and 'YOHO Treasure Island Resorts World Hotel' are superior as described by the hotel's promotional slogan, 'The Most Scenic Hotel and Shopping Mall with Macau's Most Scenic View'. It is located in the prosperous commercial centre of the Praia Grande area of Macau Peninsula ,adjacent to famous landmarks such as the Hotel Lisboa, Wynn Macau, Grand Lisboa Hotel, and the Bank of China Building. The project includes a circular lake art park, running trails, and underground tunnels connecting the project with nearby landmark buildings and the Praça Ferreira Amaral roundabout public car park. The project not only enhances the relationship between the building and its environment, but also adds accessibility to the city."
Tiffany added, "The Praça Ferreira Amaral, located at the entrance of the project, is the largest bus transfer station in Macau, with nearly 200,000 people riding or transferring to and from buses there every day. The hotel's goal is to create a super five-star leisure vacation destination in Macau and it has been recognised by the industry by winning the 'PropertyGuru Asia Property Award' for 'Best Mixed Use Architectural Design' and 'Best Mixed Use Interior Design' in 2022. The hotel features 600 five-star hotel rooms, with some suites featuring outdoor bathtubs or comfortable hotel apartment units suitable for travellers who plan to stay for an extended period of time. With the support of the many shops in the mall and the hotel's unique features, we believe the project will boost Macau's central commercial and tourism sectors as it has been difficult to find a room in a high-end hotel in the area for quite some time. The hotel rooms have now been fully renovated and the project is working towards a soft opening in the summer, while the shopping mall is scheduled to open on 1 October. Upon opening, the project will become a new landmark for tourism in Macau and will bring a new dimension to the retail industry."
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.