Parkson Holdings’ Beijing operation Parkson Retail Development (PRD) has extended a department store lease in the city until the end of 2021.
PRD’s Hong Kong-based owner PRGL announced in a stock exchange filing in Hong Kong the firm has signed a new lease agreement for a 189sqm area from the China National Arts and Crafts Group in Beijing’s Fuxingmen. It has agreed to pay a quarterly rental of RMB2.5 million (US$361,800).
The group has been conducting retail activities at the site for 20 years and this lease follows renewals of seven other leases in the same building back in February. In total, Parkson leases 23,887sqm in other areas of the museum from the same landlord for terms extending as far as the end of November 2028.
A statement from PRGL said the operation has brought stable revenue in the past, and that the new lease brings continuity to the group’s retail efforts in a location familiar to its long-term customers.