Sasseur REIT has reported an increase in first day combined sales across all four of its properties, as these malls reopened progressively from 11 March.
These properties were closed between 44 to 49 days since 26 and 27 January 2020 in an effort to control the COVID-19 outbreak in China.
Overall, the first day combined sales from the four outlet malls were 129% higher than the relevant corresponding dates in 2019, said Sasseur REIT.
Among the four properties, the REIT’s Bishan malls reported a 228% increase in first day reopening sales at RMB1.92 million, compared to the same day in 2019.
“With the support of our customers and VIP members, the first day reopening sales performance of Sasseur Group’s eleven outlet malls exceeded our expectation, including the four outlet malls owned by Sasseur REIT, and we are encouraged by this”, said Vito Xu, Chairman of Sasseur Asset Management.
“The epidemic has triggered a global economic downturn and consumers are pursuing the most value for money products”, he added.
“There is strong pent-up demand from shoppers who had to minimise their social and shopping activities during the period when the COVID-19 outbreak was very severe in China”, said Anthony Ang, CEO of Sasseur Asset Management.
“Now that the situation has greatly improved, we are seeing a healthy flow of shoppers back to our malls and it is now business as usual”, he added.
Despite the shutdown, Sasseur REIT continues to receive the fixed component in accordance with the Entrustment Management Agreement and a variable component, which is pegged to actual sales.