With retailers still cautious in taking up prime spaces, high vacancies are still recorded in core street shops.

• Retailers were still cautious expanding into prime areas, vacancy rates of four major prime streets remained high.
• With increasing footfalls from the tourists, we noticed that leasing enquires from the tourism dependent sectors such as medicine and cosmetics escalating in the first quarter in 2023.
• With the launch of future MICE events, more business travelers with high spending potential is likely to rejuvenate the local retail market. 
• Apart from the tourist oriented areas, we also expect there will be a stable rental growth in neighborhood malls especially in the high densely populated areas.