Enhancing Community Prosperity and Supporting the Revival of the Economy
As Hong Kong emerges from the shadow of the COVID-19 pandemic, efforts have been made by the Group to drive the recovery of the local economy and bridge the social gaps that have widened during this period. In 2023, we rolled out a series of initiatives targeted at reinforcing community bonds and catalysing the economic revival.
Key among these initiatives is to reimage retail spaces into vibrant communal spaces that not only offer a great environment for our partners and visitors but also serve as lively gathering places for residents. Additionally, the Group introduced various promotional events and offerings to bolster the Hong Kong SAR Government’s “Hello Hong Kong” campaign, aiming to bring back tourists and travellers to our vibrant city.
This comprehensive approach is dedicated to reconnecting individuals, energising business activities and contributing to the revitalisation of Hong Kong’s economy.
Reimaging Retail Spaces to Strengthen Community Coherence and Local Economy
Lucky Plaza (Shatin)
As part of our commitment to enhancing community prosperity, the Group has reimagined Lucky Plaza, an established shopping centre in Shatin that has been at the heart of the community for nearly four decades. We have embarked on an ambitious renovation plan, with $500 million (HKD) investment that marks a new chapter for this iconic locale. The extensive renovation, which commenced in June 2021, transformed Lucky Plaza into a modern, community-centric destination.
One of the main features of this renovation is the introduction of the large-scale fresh supermarket to meet the evolving needs of the community, providing easy access to a wide variety of fresh, quality produce. Further enhancements in the later stages will include an array of lifestyle stores, handpicked to cater to the modern consumer.
This renovated Lucky Plaza extends beyond commerce; it is a place where community life is enriched, local economies thrive and social bonds are fortified, ensuring that Lucky Plaza remains a cherished all-in-one destination in Shatin for generations to come.
Shun Fook Barn (Yuen Long)
In late 2022, the much-anticipated transformation of “Ho Shun Fook Shopping Centre” was unveiled as the “Shun Fook Barn”. With a rich history of serving the community for three decades, this 30,000-square-foot mall has been thoughtfully renovated to infuse a renewed shopping and dining destination that embodies the acronym SFB: “soothing”, “fresh” and “bonding“.
The refreshed “Shun Fook Barn” is set to become a new stylish and relaxing community hub, providing Yuen Long residents with a rejuvenated gathering point, facilitating a leisurely and high-quality lifestyle to curate a diverse range of merchants for catering to different age groups and individual needs.
Nurturing Local Entrepreneurs for Sustainable Growth
The growth and success of Central Market are supported by local entrepreneurship, as we partner with start-ups and local businesses to make the Market Hong Kong’s local community hub. The Group and the Urban Renewal Authority (“URA”) have worked together to inject the concept of “Playground for All” into Central Market and turned this landmark, which had been in operation from 1939 to 2003, into a vibrant community hotspot that combines “Approachable”, “Energetic” and “Gregarious”, which preserves not only collective memories but also brings new experiences to the community. Recognising the pivotal role of entrepreneurship in economic revitalisation, the Group hosted and supported a range of events and activities to support telling the story of Hong Kong to the world while also unleashing opportunities to support local businesses and encourage creativity, encourage visitor arrivals and create a welcoming space for the community. In addition, Central Market has innovative approaches to nurturing the growth of local enterprises. We aim to turn Central Market into a breeding ground where local brands and entrepreneurs can achieve their dreams through sustainable growth, by providing a flexible yet supportive environment.
Case Study
Plug To Operate Business Model
We took a leadership role in supporting emerging businesses through our “Plug To Operate Business Model” programme, in which we provided ready-to-use infrastructures and stalls, including flexible contracts, basic fixtures, comprehensive point-of-sales systems and fitting-outs, to aspiring start-ups at Central Market. By reducing upfront costs related to logistics, startups can focus on running their businesses and developing their core operations. This programme aims to offer an opportunity and a platform for local brands and entrepreneurs to grow, thrive and create a broader social impact. As these businesses establish themselves, they contribute to employment and promote a more resilient and grounded economy.
Tenant Academy
We also plan to enhance our service quality by providing regular training for on-site staff, introducing new elderly-friendly features (e.g., health kiosk, and expanding this project and partnership to more communities in the future.
Championing Local Businesses Through Diverse Themed Events
During the Reporting Period, we held more than 300 events at Central Market, and many of our events were designed to support local enterprises and together create a unique experience for our visitors. Examples of local enterprises-oriented events included various themed markets, such as French May Market, Innovation SME Marketplace, World Environmental Day Weekend Market and Mid-Autumn Market, where local enterprises demonstrated their creativity and passion through offering distinctive products and services. These events used Central Market as a platform to provide opportunities for local entrepreneurs to turn their business ideas into action and contribute to a more vibrant and diverse economy.
Case Study
Ode To Good Old Hong Kong :
A Prosperous Lunar New Year Fair by Central Market
Preserving and celebrating traditional art and culture is one of Central Market’s missions, and we constantly engage local art talents to present the beauty of tradition at the Market. In 2023, we presented an old- school Chinese New Year celebration that was filled with memories by taking Central Market back to the old Hong Kong. Visitors rang in the Year of Rabbit at our green street stalls hosted by local brands and social enterprises, amid an immersive New Year atmosphere curated by traditional Hong Kong-style festive flower boards and 450 grad red lanterns. With six “lost but not forgotten” authentic green metal street stalls hosted by time-honour local enterprises and over 30 additional stalls offering hundreds of vintage and Lunar New Year products, such as New Year decorations, Japanese hand-drawn artwork, locally-designed Lunar New Year gifts, antique coins and silverware, the vendors invited the visitors to experience this traditional festival, traditionally.
Moreover, we collaborated with the Hong Kong Society of Illustrators to hold an art exhibition and designer market to celebrate the Chinese New Year with traditional art work. More than 40 local illustrators gathered to depict various New Year lively scenes of the lanes and streets with excellent brushstrokes. Through these events, we celebrate this important time of the year with local organisations, businesses and our community.
Stimulating the Revival of the City’s Economy and Tourism
Case Study
World Cup for All @ Central Market
In an effort to contribute to the city’s economic and social revitalisation, Central Market launched the “World Cup for All” initiative, in collaboration with a leading pay-TV service in Hong Kong, to host a month- long football festival and celebrate this global fest together with our communities.
The “World Cup for All” was a collaborative effort with over ten internationally recognised sponsors and official partners associated with the 22nd FIFA World Cup. From November 18 to December 18, Central Market blossomed into a vibrant gathering place for football fans, marked by the installation of an impressive 4.5-meter LED TV at the G/F OASIS, which provided complimentary live match viewings.
During the event, people gathered and celebrated the winning of their favourite teams, filling Central Market with joy, hope and happiness. More than just a series of football matches, the “World Cup for All” embodied of cultural exchange and community spirit. The line-up of football-themed activities, workshops and unique experiences was thoughtfully curated to celebrate sportsmanship and bring people together.
Through this festival, we sought to strengthen community bonds, enrich the cultural fabric of our city and contribute meaningfully to the city’s revival.
Offering Shoppers Exciting Promotions and Rewards
Coinciding with the Hong Kong SAR Government’s launch of the second phase of the Consumption Voucher Scheme, the Group ramped up the city’s shopping excitement with Central Market and seven other shopping malls from the Group to offer a myriad of incentives, totalling $1.5 million (HKD).
The return of tourists to Hong Kong, especially during the National Day Golden Week and beyond, the Group, in collaboration with over 100 merchants, rolled out a “Multiple Rewards for Travellers” promotion, enticing visitors with an array of rewards. It included cash coupons and exclusive discounts on various products and services, from dining and pharmaceuticals to cosmetics, entertainment, jewellery and electronics.
These innovative campaigns were set to boost local spending and enhance Hong Kong’s reputation as a premier shopping and leisure destination.
