Russell Street in Causeway Bay, which was once the most expensive street in the world and the busiest street in Hong Kong, has also been withdrawn in recent months by famous long-term rental merchants.
Swarovski, an Austrian crystal brand that was supposed to expire in April, had a shop on Russell Street with a monthly rent of about 800,000 square feet, but the shop closed early and was fenced.
The shop was owned by Zhao An Lee Tai, known as the "Queen shop", and was rented to Emperor Jewellery Watches during the peak retail period in Hong Kong, when the market was good, with a monthly rent of up to $2.5 million!
Earlier, the famous lingerie brand Victoria's Priestet also closed its flagship store on Jardine Street in Causeway Bay, and the flagship store with a monthly rent of 7 million yuan became an empty shop.
In addition, there have been frequent short-term rental cases in and around Russell Street in the past year!
For example, the shop at No. 76 Persfo Street, which was originally rented by the Swiss watch shop TAG Heuer for about 850,000 yuan per month, is located at the junction of Russell Street.
After the watch shop closed last month, it has now been rented by the mask shop for a short time, with a monthly rent of only about 100,000 yuan and a rent of 166 yuan.
The approximately 600-square-foot shop is owned by Emperor International and was leased at its peak by another Swiss watch brand, RADO, for approximately $1.79 million per month for $2,983. The higher peak level of new short-term rentals fell by 94%.
The major brands have withdrawn, and what they never expected was that after the withdrawal, they were replaced by these stores!
Chen Zhibao, managing director of Duobaodi Real Estate, pointed out that the rent of Russell Street shops before the epidemic was too high, basically no ordinary merchants could withstand it, and now the market is not good, Jipu has been stationed in mask shops, and no less than 6!
I don't know the rental situation of Guangdong Road in the future, will it also be replaced by a mask shop?