Sportswear brand Nike will take over a 7000sqft shop in the Leighton Centre for a monthly rental of HK$1.5 million (US$190,000).
The space formerly housed an Esprit flagship, with the local fast-fashion brand reportedly paying rent of HK$2 million (US$255,000). Esprit vacated the space, located in one of the world’s busiest and priciest shopping districts, at the end of June. Esprit’s departure comes at a time when many Hong Kong retailers are abandoning or renegotiating prime streetfront locations.
The 26,000sqft Esprit flagship at Tsim Sha Tsui was also vacated earlier this year before being taken over by a shoe retailer.
The company took a net loss of HK$954 million (US$121.5 million) in the second half of 2017. It is currently poised to close more than 40 European stores.