Prada SpA is renting a 8,000-square-foot retailer in K11 Musea, a harbourfront luxurious shopping center by New World Improvement Co., individuals conversant in the matter mentioned.
Building work for the two-floor retailer will start quickly and it’s anticipated to open early subsequent 12 months, mentioned the individuals, who requested to not be recognized discussing personal issues. Hire is prone to be partly primarily based on retailer gross sales, a number of the individuals mentioned.
This will likely be Prada’s first main new retailer in Hong Kong in years. The group shut its flagship in Causeway Bay in 2020, ending one of many metropolis’s costliest retail leases with a month-to-month hire of HK$9 million ($1.2 million). The model, which at its peak had 9 retailers within the metropolis, now operates six, in line with its web site.
Prada’s communications crew in Italy didn’t reply to emailed requests for remark outdoors of standard enterprise hours. New World, managed by the household of billionaire Henry Cheng, declined to remark.
International luxurious manufacturers are more and more returning to Hong Kong’s core enterprise districts, attracted by property costs which might be a lot decrease than pre-pandemic ranges. In Tsim Sha Tsui, the place Musea is situated, common hire for shops at main buying streets continues to be 45 % under the 2019 degree, in line with research by Cushman & Wakefield Plc.
Town’s high-end buying malls have accelerated a luxurious push so as to add attraction to the moneyed courses, whose spending stays robust regardless of years of social unrest and a slowing economic system. New World, led by Chief Government Officer Adrian Cheng, teamed up with Louis Vuitton to host the model’s first ever trend present in Hong Kong final 12 months, with the occasion staged simply outdoors Musea.
Hong Kong’s rich residents have supplied some stability for world manufacturers in opposition to a gross sales hunch of their key market of mainland China. The buying hub additionally stays one of the fashionable locations for mainland vacationers.
Hongkong Land Holdings Ltd. and tenants together with Hermes Worldwide SCA and Louis Vuitton will make investments $1 billion to improve the developer’s flagship retail house Landmark in Central. Hysan Improvement Co. can be revamping its Lee Gardens, a bunch of luxurious malls in Causeway Bay, with tenants together with Hermes and Chanel increasing their shops.
By Shawna Kwan and Shirley Zhao.
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Hong Kong Loses High Rating for Luxurious Procuring to New York
Covid curbs and restrictions took a heavy toll on town’s high-end retail sector.
