KUALA LUMPUR (Aug 21): Prada’s retail store in Causeway Bay, Hong Kong, will close when its lease expires in June 2020.
According to a recent report by the South China Morning Post, the store will shutter for good owing to “dwindling shoppers’ foot traffic”.
Early Light, the landlord, told the Hong Kong daily that the space being occupied by Prada “will be ready next July. We are also accepting potential tenants who want smaller spaces.”
The report also stated that the flagship Prada store occupies 15,000 sq ft of space and is located at Plaza 2000 along Russell Street.
The Italian company had been forking out HK$9 million (RM4.8 million) a month in rent.
And if anyone is interested in taking over the space, check this out: the owner of Early Light, Francis Choi Chee Ming, has stated that he “is offering to cut the rent at Plaza 2000 by 44% to HK$5 million”, reported SCMP.
Its report revealed that retail sales in Hong Kong has been impacted by Mainland Chinese shoppers shying away owing to the pro-democracy protests in the city since 2014.
Things got better after that but “Chinese tourists and shoppers were crimped again this year” with the long running and disruptive street protests.
The Plaza 2000 store is Prada’s sixth in the territory and the largest with three floors.
Prada is based in Milan, Italy and was established in 1913. It offers clothing for both genders, leather goods, footwear, eyewear and fragrances and “Made to Measure service”.
In Malaysia, its stores are located in The Gardens, Mid Valley City; Pavillion, KL; and Suria KLCC.
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