第一太平戴维斯：本港第三季末零售市场有复苏迹象 商场租金保持稳定
第一太平戴维斯一份报告指，第三波疫情重创原本缓慢复苏的本港零售市场。然而，尽管确诊案例数量有所上升，但7月和8月零售销售降速趋缓。由於酒吧、食肆等受限聚令制约客流及营业时间，餐饮业季内受到严重冲击。
该行称，第三季度末，零售租赁市场亦出现触底反弹迹象，一些非主流零售商开展促销活动。本地餐饮连锁店正於将军澳等大型民生区拓展业务；生活方式品牌则关注中环等本地需求旺盛的地区；而日用杂货类零售商则於核心及非核心区皆寻求扩张。
零售租金於第三季出现稳定迹象，不过依然录得跌幅。其中优质街铺租金於按季跌2%，而商场租金(基本租金)基本保持稳定。业主更倾向与现有租户续约，并愿意提供多达30%租金优惠，而一年期租约亦日趋普遍。就位置来看，侧重於游客生意的街铺及商场不可避免地看到更高的空置率，民生区则相对稳定。
该行追踪40个商场的贸易及租户组合数据显示，全港商场总体空置率已由2018年9月的2%(社会动荡及疫情之前)增长至2020年9月的7%。由於一些主力租户(通常是中档时装品牌和传统中餐厅)撤租，导致新界区商场空置率最高，达12%。该行亦发现，在海港城、时代广场及新城市广场等受内地游客青睐的商场，空置率较高，近几个月已攀升至10%以上。
以上现象意味着：现阶段业主及其租户暂时将依赖本地客，而零售业将进一步从奢侈品和普通零售转向中端市场和家品类消费。大陆旅客当天返回後，预计通关之後，内地当日访港旅客将迅速提振新界及九龙零售业，但时间尚不确定。
奢侈品牌已经将重点转移到大湾区或内地城市(广州、深圳以及海南岛等)，并将继续将重点转移至中国南部及较远离香港的地方。市场基本面发生结构性转变，将是不可避免。不少人认为零售业的新常态将比2018年的水平低30%至40%。该行将继续关注经济形势，因为更广泛的商业困境和失业率上升可能破坏本地消费，导致零售市场复苏推迟至明年。
该行香港研究及顾问谘询部主管盛世民称，虽然本港零售业很难短期交出亮丽成绩，但9月下旬的某些早期迹象表明市场正在好转，进入一个新常态。另该行香港董事总经理及租赁部主管黎达志指，进入疫情爆发的第九个月，该行看到了香港零售市场的诸多变化，譬如更加注重网购，采用更加灵活的租赁条款，以及更加看重生活方式，讲究物有所值。
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