Property News · August 19, 2019

Causeway Bay retail landlord offers to cut rent by 44 per cent as Prada closes flagship store next year amid dwindling foot traffic


The landlord of Prada’s retail store in Causeway Bay is offering to slash monthly rent by 44 per cent next year when the Italian fashion house shuts its flagship outlet on Hong Kong Island, succumbing to dwindling shoppers’ foot traffic.The Milanese company will close its 15,000-square foot (1,393 square metre) store at Plaza 2000 along Russell Street, for which Prada pays HK$9 million (US$1.15 million) in monthly rent, when its seven-year lease expires in June 2020, according to its landlord…

Source : South China Morning Post
Read more…Causeway Bay retail landlord offers to cut rent by 44 per cent as Prada closes flagship store next year amid dwindling foot traffic

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