Pursuits
Hello Kitty, Farewell Rolex as Hong Kong Shoppers Go Downmarket
- Top retailers under pressure as mainland tourists decline
- Luxury brands seeking to lower rents or are closing shop
Hong Kong Luxury Retailers Under Pressure Over High Rents
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In Hong Kong, fancy purses are out, sneakers are in.
U.S. luxury handbag maker Coach Inc. opened its four-story flagship store in the heart of Hong Kong’s Central district to much fanfare in June 2008, with a celebrity-studded, champagne-fueled party. In August, the company quietly terminated its HK$5.6 million ($723,000) per month lease and Adidas is moving in -- paying 23 percent less in rent, according to Colliers International Group Inc.