BUSINESS
ASSETS
54,114
HK$ million
GROSS
REVENUE
2,687
HK$ million
OPERATING
PROFIT
2,346
HK$ million
TIMES SQUARE
C A U S E W A Y B A Y, H O N G K O N G
BUSINESS REVIEW
TIMES SQUARE
Revenue increased by 6% to HK$2,687 million, despite renovation temporarily disrupting certain retail area, and
An array of featured kids’ brands including Kingkow, Marks & Spencer Baby and Watsons Baby was introduced
operating profit by 3% to HK$2,346 million.
in “Kids Square”, a new zone established on 13A floor, catering to a broader range of shoppers.
Retail
Conversion of the 9th floor and part of the 10th floor into a lifestyle hub was completed with various new
The prominent 17-level mall design and expertly-managed trade mix of Times Square make it one of the most
lifestyle brands, including Donguri, Republic, LABO Hair & Nail by IL COLPO, Lenscrafters, OSIM, OTO,
successful vertical malls globally. Situated atop Causeway Bay MTR Station, the iconic shopping landmark is,
again, the core of a “Greater Times Square” cluster in the area. Proven management capabilities continued to
drive rental growth. Retail revenue increased by 7% to HK$2,017 million with occupancy rate maintained at
99%.
Sugarman, Tic Tac Time and Tissot, introduced to enhance one-stop lifestyle experience. Part of the 10th floor
has been renamed as “Square on 9th floor”, and is now housing Hanbing Korean dessert café, Life Kan and
Metro Kids by Metro Books, with enhanced circulation.
Constant marketing initiatives also spurred the success and brought endless surprises. A number of family-
New commitments or openings including AMOREPACIFIC, Burberry Beauty, kikki.K, Kurt Geiger, Laura Mercier,
M.A.C, Origins and Stuart Weitzman widened the already extensive product range. Overall tenant mix has been
further refined with existing tenants committed to relocating with new images, including Adidas, Camper, Marks
& Spencer and Max & Co. The recruitment of established F&B brands including Greenhouse by Gaia Group,
Haagen-Dazs dessert café and Joe & The Juice further enriched dining offerings.
friendly events were hosted, including Disney Pixar’s Summer Blockbuster “Inside Out” Exhibition, the firstever Star Wars Jedi Academy in Hong Kong, Gundam Docks at Hong Kong II, as well as Warner Brothers’
Summer Blockbuster “PAN” Exhibition with Hugh Jackman’s special appearance, effectively boosting publicity
and footfall.
Office
Positive rental reversion lifted revenue modestly to HK$670 million. Occupancy rate was 98% at year-end. Lease
renewal retention was maintained at 65%.
The prominent 17-level mall design and expertly-managed
trade mix of Times Square make it one of the most
successful vertical malls globally.
FOR
LAYOUT
ONLY
26
The Wharf (Holdings) Limited | Annual Report 2015
The Wharf (Holdings) Limited | Annual Report 2015
27
BUSINESS REVIEW
TIMES SQUARE
Total GFA of
BUSINESS ASSETS
As at 31 December
2015
HK$ Million
2014
HK$ Million
Change
54,070
52,100
+4%
44
42
+5%
54,114
52,142
+4%
2015
HK$ Million
2014
HK$ Million
Change
Retail
2,017
1,883
+7%
Office
670
661
+1%
2,687
2,544
+6%
2015
HK$ Million
2014
HK$ Million
Change
Retail
1,775
1,701
+4%
Office
571
575
-1%
2,346
2,276
+3%
Properties (at valuation)
Other assets
Total business assets
GROSS REVENUE
Total gross revenue
OPERATING PROFIT
Total operating profit
PROPERTY VALUE
GROSS REVENUE
(HK$ Million)
(HK$ Million)
15
54,070
52,100
14
13
12
11
28
46,200
43,600
37,000
11
The Wharf (Holdings) Limited | Annual Report 2015
with an annual footfall of
65+
MILLION
#1
on Hong Kong Island
5-screen, 898-seat
sky cinema on 13th floor
Total retail sales of
Average retail sales of
HK$
HK$
9.1
BILLION
1,517
per square foot per month
2,544
14
12
MILLION
SQUARE FEET
2,687
15
13
1.97
Box office
2,096
1,908
1,732
The Wharf (Holdings) Limited | Annual Report 2015
29
BUSINESS REVIEW
TIMES SQUARE
RETAIL TENANT MIX (by Rental, Area and Sales)
PORTFOLIO INFORMATION
% by Rental
30
% by Area
Gross Floor
% by Sales
Average
Year-end
Area
Revenue
Occupancy
Valuation
(sq ft)
(HK$ Million)
(%)
(HK$ Million)
Fashion
34.3
23.7
22.6
Jewellery, Beauty, Healthcare and Accessories
33.2
16.6
26.6
Department Store, Confectionery Products
14.1
21.1
26.0
Retail
936,000
2,017
99
38,731
Restaurant, Fast Food, F&B, Entertainment
7.3
25.9
7.6
Office
1,033,000
670
95
15,339
Electrical & Audio-visual Equipment
5.0
5.4
12.6
Sports Wear
4.6
3.4
3.8
Others
1.5
3.9
0.8
Total
100
100
100
The Wharf (Holdings) Limited | Annual Report 2015
The Wharf (Holdings) Limited | Annual Report 2015
31