“Experiential can very easily become gimmicky. Experiential can last, gimmick cannot,” he said.
Despite fierce competition and weak consumer spending, CapitaLand remains confident in China’s long-term potential and has not scaled back its investments there.
It currently manages 49 malls in China, with more in the pipeline.
According to the company, occupancy rates across its malls are above 94 per cent, while footfall has grown around 2 per cent and sales are up 4 per cent.
IMMERSIVE EXHIBITIONS DRAW CROWDS
Beyond shopping malls, Singapore entertainment company Neon is also betting on Chinese consumers’ appetite for experiences.
The company, which is behind attractions in Singapore such as Harry Potter: Visions of Magic at Resorts World Sentosa and Jurassic World: The Experience at Gardens by the Bay, brought an immersive exhibition on Machu Picchu to the Shanghai Museum in July.
