Sunday, October 18, 2020

Cultural retail concept stimulates consumption recovery K11 sees a surge in sales during the Golden Week

Cultural retail concept stimulates consumption recovery

K11 launched a variety of art and cultural events in the first Golden Week after the normalisation of pandemic control, forming a strong synergy between culture and retail which led to a considerable surge in sales. The sales of K11 MUSEA in Hong Kong was 311% that of last year’s, while the sales of Shanghai K11 and Shenyang K11 surged by 93% and 65% year-on-year respectively. 

The surge shows the resilience and vitality of consumption recovery in China and highlights the huge potential of K11’s unique cultural-retail business model. Hong Kong K11 MUSEA: Sales rebounded 311%, outperforming the market Even though the pandemic in Hong Kong has not yet been fully stabilised, K11 MUSEA, known as Hong Kong’s Silicon Valley of Culture, still has great confidence in local consumption power. 

Cultural retail concept stimulates consumption.

From August to October, K11 MUSEA ushered in more than 10 premium restaurants, including fine-dining restaurant COBO HOUSE and COUCOU Reserve HotPot, etc. 

K11 MUSEA also opened K11 Art & Cultural Centre, a brand new art and cultural space exhibiting signature works of top international artists, such as Yayoi Kusama, KAWS, and Erwin Wurm. Riding on China’s National Day holiday and the 1st Anniversary of K11 MUSEA, an exciting array of new art and cultural events were launched, including the striking nine-metre-tall sculpture of Van Gogh’s Ear by Elmgreen & Dragset, a limited-time showcase of legendary pop artist Keith Haring’s iconic artworks presented by Phillips Auction House, and Spanish artist Javier Calleja’s Thinking Boy and Little Maurizio sculptures.
Cultural retail concept stimulates consumption recovery,  K11 sees a surge in sales during the Golden Week

K11 MUSEA saw consumption rebound strongly, with sales up by 311% and member sales eight times year-on-year. Crowds in K11 MUSEA Shanghai K11: Attracts footfall with the rejuvenation of Chinese cultural heritage In eastern China, Shanghai K11 opened a pop-up store Bishan Crafts Cooperatives, with a collection of local custom and wooden craftworks from various ethnic groups in China. It brought the simple folk culture into the bustling city so that people could enjoy a fresh and quiet atmosphere. The theme of the Bishan Crafts Cooperatives pop-up store was a perfect match with the "The Architecture Festival: The Resurgence of Wooden Architecture" exhibition, and both of them were devoted to rejuvenating traditional Chinese crafts and culture. 

Hong Kong

Shanghai K11's sales rose by 93% during the Golden Week, 35% of which are contributions from surrounding satellite cities. This fully demonstrates the recovery of the mainland economy along with people's enthusiasm with regard to traditional crafts. Crowds in Shanghai K11 Shenyang K11: “Glowing giant rabbits” draw crowds To celebrate the National Day and Mid-Autumn Festival, Shenyang K11 invited Austrian public installation artist Amanda Parer to create glowing giant rabbits over three stories high. Overlooking the Hunhe River, the glowing giant rabbits created quite a sight for the autumn nights. The giant rabbits and other lighting artworks in the mall drew millions of people to the scene. 

During the Golden Week, Shenyang K11 saw a 65% year-on-year growth in sales. "Glowing giant rabbit" lighting artwork Guangzhou K11: First Art Festival achieves large sales Guangzhou K11 first launched the "Cheer Art" Art Festival on July 10, using the concept of “art and social”. Echoing this innovative approach, the Kaos Trip exhibition held during the Golden Week brought about record-breaking growth in footfall and ticket sales. Within just 5 days between Oct 1 - Oct 5, Guangzhou K11’s overall sales surged by 160% compared to that of the Labour Day Golden Week this year.