Hot property: Big banks, fashion stores seek ‘cheaper’, eye-catching Hong Kong retail
From big banks to fashion brands, tenants are taking advantage of potential lower rents for retail space in Hong Kong’s prime areas as they utilise eye-catching locations to boost visibility towards customers, according to agents. HSBC is unveiling its first flagship branch at the Capitol Centre, which was previously occupied by fashion retailers such as Chanel, Victoria’s Secret and Forever 21,…
Big banks and fashion retailers are moving to Hong Kong’s prime retail areas, taking advantage of lower rents for eye-catching locations that can attract more customers, according to real estate agents. HSBC, the Hong Kong-based bank, is set to open its first flagship branch at Capitol Centre, previously home to high-end fashion stores such as Chanel, Victoria's Secret, and Forever 21.
The bank plans to close two existing branches in Causeway Bay, where it currently operates, due to lease expirations, according to a spokesperson. The bank will pay HK$4 million per month for the new space, significantly lower than the rates paid by previous tenants, according to market sources. This marks the first time a non-fashion tenant has taken up long-term retail space in the prime Causeway Bay location since 2008.
Meanwhile, fast fashion brand W. Management is set to take over a large portion of the space vacated by Swedish competitor H&M in Fashion Walk. The Hong Kong-based company agreed to pay over HK$2 million in monthly rents for the 2,790 square metre, three-floor space, according to a spokesperson. The property in Causeway Bay is considered an ideal location for their global flagship store, thanks to its prime location, accessibility, and alignment with the brand's long-term strategic development in the city.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
