Landlords in Hong Kong’s Russell Street, the most expensive shopping address on the planet, are likely to slash rents after fashion house Prada declared it would not renew the lease on its flagship store next year, according to market observers.Prada’s landlord has offered to cut the rent for its next tenant at Plaza 2000 on Russell Street, by a staggering 44 per cent as luxury vendors come under increasing pressure from a marked slowdown in sales.Analysts expect other landlords to follow suit,…
Source : South China Morning Post
Read more…With Prada out, can Hong Kong’s Russell Street outshine Fifth Avenue or Champs-Élysées as the world’s costliest retail strip?
