Luk Fook to Expand Jewelry Stores as Landlords Slow Rent Demands
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Luk Fook Holdings International Ltd., the second-largest jeweler in Hong Kong by market value, plans to expand in the city’s prime shopping districts as landlords hold back on raising rents.
Landlords are forgoing rent increases or asking for smaller gains when leases come up for renewal, Luk Fook Chairman Wong Wai Sheung said in an interview on August 21. The company plans to expand in prime locations such as Causeway Bay and Tsim Sha Tsui, where it expects growth in jewelry sales, while closing stores elsewhere, Wong said.