THE FOREST sees growth in footfall and sales with new retail stores

THE FOREST, a sports retail hub jointly developed by New World Development Company and Urban Renewal Authority (URA), has showed over 35% growth in overall footfall and sales in the second quarter of 2022 compared to last year's same period. Both footfall and sales are expected to rise at the end of this year.

Launched in 2017, THE FOREST has strived to connect with the community and enrich the leisure experience by organising various activities to promote trends and sports experiences and bringing in popular restaurants. Located at the heart of Sneaker Street, THE FOREST is neighboured by the Macpherson Stadium, owned by Urban Renewal Authority and multiple sports shops on the same street. Responding to the rising concern for sports and pop culture in recent years, THE FOREST actively organised various types of cultural activities, bringing in popular shops relevant to the sports theme to uplift and diversify customers’ experiences.

THE FOREST had the first edition of the “Sneaker Street Festival” last year, and it returned this year and joined hands with local designers and elites in the industry. Under the theme of street culture, the festival brought the NFT ART BATTLE with Indie bands, “Silent Disco”, and street dance battles to the young customers. Compared with the first edition of the “Sneaker Street Festival”, there was a 30% growth in footfall.

In addition, “SPORTS EXPO”, the first sport-themed hall in the shopping mall, landed in THE FOREST. It is planned by the URA and occupies about 2,100 square feet. It offers a free interactive experience to customers, like VR games and LED Arena, to praise the achievements of Hong Kong athletics and demonstrate local sports development in an innovative way. “SPORTS EXPO” also cooperates with government departments and district organisations from time to time to advocate local sports development in different activities.

Moreover, online marketplace StockX, landed in THE FOREST for its first physical retail store in Asia last year. Without sending the sneakers or goods to the office in the US, StockX proceeds with the trade in the Hong Kong authentication center for verification to ensure the good’s quality and authenticity. The whole process and transportation time shortens from two weeks to around three days, which definitely helps the development of the local online shopping market. Looking ahead, THE FOREST will keep upgrading the tenant mix to enrich the customers’ lifestyle and leisure experience. 

Meanwhile, Hong Kong’s retail sales have been recovering since the relaxations of covid restrictions. According to the Census and Statistics Department, the value of total retail sales in July 2022, provisionally estimated at $28.3 billion, increased by 4.1% compared with the same month in 2021. The revised estimate of the value of total retail sales in June 2022 decreased by 1.3% compared with a year earlier. For the first 7 months of 2022 taken together, it was provisionally estimated that the value of total retail sales decreased by 1.7% compared with the same period in 2021. 

Of the total retail sales value in July 2022, online sales accounted for 7.9%. The value of online retail sales in that month, provisionally estimated at $2.2 billion, increased by 8.6% compared with the same month in 2021. The revised estimate of online retail sales in June 2022 increased by 0.3% compared with a year earlier. For the first 7 months of 2022 taken together, it was provisionally estimated that the value of online retail sales increased by 21.8% compared with the same period in 2021.

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