Despite number of big brands moving out of Hong Kong in the past year due to slowdown in retail sector growth, Versace – the very well known Italian luxury retailer has taken this as an opportunity as an optimal time to boost its brand presence in Hong Kong.
Lender’s chief executive, David Kwok Sek-chi, said “the retailer is tied by a three-year fixed contract and a flexible contract for another three years”. The average rent at the building, set to open in August, is HK$106 per square foot for the total space of 72,000 sq ft.
It took six years of redevelopment for the Shanghai Commercial Bank building to become a new Asian hedge fund and alternative fund address, as all available office space for lease has already been taken up by regional hedge funds, private equity funds and family offices. The building at 12 Queen’s Road, Central, will function as the bank’s primary headquarters with 10 floors set aside for back office use, and a basement for its safe.
British luxury fashion house Burberry also has reportedly cut its retail shop space at Pacific Place, Admiralty, from two floors to one. But now the players are seeking to get the more space with low rent to present them with large space store in the country.