The outflow of consumer spending abroad has led to weak sales performance among mall tenants, putting pressure on occupancy rates and rents. The Times Square properties, in particular, are facing greater challenges due to their smaller size and older decor.

“China has long been an important market in VF Corporation’s global strategic landscape.”

Luxury brand retailers in Guangzhou and Chengdu continue to show strong demand for retail space, while fashion, sports, cosmetics, lifestyle, and F&B brands in Shanghai and Beijing are expected to maintain steady demand for retail space.

Bjørn Gulden commented: “Given the improved business in Q2 we continue to raise our expectations and are now guiding for a full-year revenue increase in the high single digits and an operating profit of around € 1.0 billion.”

In the Chinese Mainland market, Q2 net sales declined by 3.9% at constant exchange rates, an improvement compared to the 21.1% decline in Q1.

Due to persistently low consumer confidence, revenue in Greater China was €266.3 million (accounting for 28% of the group’s total revenue), a 13.2% year-on-year decline, and an 11.7% decline on an organic basis.

Brooks Running has maintained the top market share in the U.S. adult performance running shoe market for 10 consecutive quarters and held the leading market share in the U.S. specialty footwear retail market in the first half of 2024.

Canada Goose continued its strong performance in Greater China from the fourth quarter of fiscal year 2024, with revenue increasing by 12.3% year-on-year.

Excluding automobiles, retail sales in June saw a 3.1% year-on-year decrease, amounting to SGD 3.3 billion.

The provisional estimate of Hong Kong’s total retail sales value for June is HKD 29.9 billion.