Italian fashion brand Calzedonia has reportedly renewed its Causeway Bay lease at a 15 per cent increase.
According to reports in business media, the firm re-signed for the 400sqft retail space with just a month to spare on its existing contract at a cost of HK$9 million (US$1.15 million) for one year on the world’s most expensive retail strip, Russell Street.
The rental translates to $750,000 ($95,674) per month, a typical figure for the shopping street that demands pricier rentals than even New York’s 5th Avenue. The street is a must-see for big-spending luxury retail hunters from Mainland China.
The opening of the new Hong Kong-Zhuhai-Macao bridge and high-speed Express Rail Link is expected to attract higher numbers of tourists and reverse the city’s trends of falling rentals, but to date the increases has not met expectations.
Calzedonia operates 16 outlets in Hong Kong, including those for its Intimissimi and Falconeri brands.
The opening of the new Hong Kong-Zhuhai-Macao bridge and high-speed Express Rail Link is expected to attract higher numbers of tourists and reverse the city’s trends of falling rentals, but to date the increases has not met expectations.
Calzedonia operates 16 outlets in Hong Kong, including those for its Intimissimi and Falconeri brands.