Pursuits
H.K. Central Shop Rents to Boom on Gap, Abercrombie Stores
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Abercrombie & Fitch Co. and Gap Inc.’s expansion in Hong Kong may help push shop rents in the Central business district up almost 50 percent over the next three years, according Jones Lang LaSalle Inc.
The U.S.-based retailers are set to open flagship stores on or near Queen’s Road Central by the first quarter of next year. Rolex Group, the Swiss watchmaker, has agreed to renew the lease for a nearby shop at a monthly rate of HK$2.4 million ($308,000), or HK$2,400 a square foot, the second-highest in the city, the Hong Kong Economic Times reported Aug. 18, without saying where it got the information.