Hongkong Land, the largest commercial landlord in Hong Kong’s Central district, unveiled plans to invest USD400 million into a project that will elevate its Landmark assets into a luxury boulevard to rival, or “to be compared favourably,” with other global luxury retail destinations Avenue Montaigne, Bond Street, Fifth Avenue and Ginza. The transformation will unfold over the next three years in multiple phases for completion in 2028.
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Its anchor retail tenants will also invest an estimated USD600 million to upgrade and refurbish existing assets, bringing the total investment to around USD1 billion.
The anchor tenants announced thus far are Cartier, Chanel, Dior, Hermès, Louis Vuitton, Prada, Saint Laurent, Sotheby’s, Tiffany & Co. and Van Cleef & Arpels.
Future-proofing Landmark
The Landmark project involves four buildings from Queen’s Road Central to Chater Road: Landmark Atrium, Landmark Prince’s Building, Landmark Alexandra, and Landmark Chater House.
Sotheby’s is set to open its 24,000-square-foot retail and exhibition space within Landmark Chater next month, while the Landmark Mandarin Oriental is to re-open in 2025, along with the first two of the maisons.
When asked to comment on Hong Kong’s current retail landscape, Alvin Kong, executive director, Hongkong Land, acknowledged there are “short-term challenges.”
“There are many macroeconomic factors that affect consumption and also affect retail pricing in Hong Kong. I think our investment is eyeing on the long-term prospects and as evidenced by our partners’ investment together, we are all sharing the same long-term confidence out of the Hong Kong retail market and its importance going forward,” Kong said.
“This is not a short-term investment. We were here in 1889 and we’ll be here in 2089 and beyond. So it’s very much a long-term view,” added Michael Smith, chief executive officer of Hongkong Land.
Elevating luxury to new heights
The reimagined Landmark aims to elevate Hong Kong’s luxury lifestyle offerings to new heights, showcasing a convergence of maison destinations by some of the world’s most coveted luxury brands.
“Luxury brands see this city as home to some of their most sophisticated clientele, and we have solid data to support our confidence,” said Alexander Li, chief retail officer, commercial property, Hong Kong & Macau of Hongkong Land.
Li noted that in 2023, Landmark’s top 70 customers spent a total of HKD1 billion (USD128 million).
“Our most loyal clients, who represented 80 percent of sales from our loyalty programme, spent an average HKD1 million with us in 2023, and they purchased at Landmark every other week,” added Li.
The project will see anchor tenants doubling their footprints to over 220,000 square feet, showcasing their retail concepts across two- to eight-storey maison destinations, some of which will be among the largest available for these brands worldwide, said Hongkong Land.
The transformation will also introduce new opportunities for best-in-class dining concepts, a jewellery and watch boulevard, a curated universe for beauty and contemporary fashion, and immersive experiential spaces dedicated to art.
The ‘maison’ concept
These expanded spaces will provide partner brands with unparalleled flexibility to fully realise their most ambitious creative visions.
“Dior has been a long-standing partner with Hongkong Land since 1995 and we cherish our location in the heart of Landmark Atrium. We look forward to be part of this ambitious transformation of Landmark, reinforcing its appeal as one of the most luxurious shopping destinations in the world,” said Jean-Baptiste Debains, president, Asia Pacific, Christian Dior Couture.
With the creation of 10 maison destinations, the reimagined Landmark will become a rarefied destination offering highly exclusive experiences, including haute couture ateliers, private dining concepts, bespoke concierge services, and double-heighted salons for Very Important Customers (VIC).
“The vibrant energy and cultural richness of Hong Kong have consistently been an inspiration for us. What makes this city so distinctive is its reverence for heritage while welcoming creativity,” said Julie Clody Medina, president, Asia Pacific, Van Cleef & Arpels in a shared statement with Hongkong Land.
“Shoppers in Hong Kong have refined tastes and genuine curiosity and are open minded and receptive to new creative concepts. This creates an ideal setting for showcasing unique artistic offerings.”
Notably, four brands will debut al fresco terraces, allowing their valued clientele to enjoy champagne and other experiences.
Redefining gastronomy and hospitality
With its transformation, the destination will offer over 100 distinctive dining and drinking options across approximately 260,000 square feet of space dedicated to F&B.
As part of the project, two premium restaurants with stunning glass facades will debut in Landmark Prince’s building, offering panoramic vistas over the historically rich Statue Square.
Additionally, the 25th floor restaurant and terrace of Landmark Prince’s will be transformed into a new dining and bar concept spearheaded by an innovative operator. Other destinations are in the works for Landmark Atrium, according to Hongkong Land.
Business as usual
While undergoing a significant transformation, Landmark will retain its diversified retail offering of over 200 tenants, including both upcoming and legacy brands that have been long-term partners of Hongkong Land.
Hongkong Land’s USD400 million investment will be funded over a three-year period. The landlord’s Central portfolio alone was evaluated at USD24.8 billion as of December 2023, and its gross revenue for the year was reported at USD957 million.
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Hongkong Land holds more than 850,000 square metres of prime office and luxury retail assets under ownership and management, with over 40 development properties across Asia, primarily China, Singapore and Southeast Asia.