Louis Vuitton and Fendi close their stores at Times Square, Hong Kong.
SEE ALSO : Hong Kong rental forecast
In 2019 and 2020, after social unrest and pandemic hit the city, brands across different categories and segments started never ending negotiations with landlords in Hong Kong contesting the high rents no longer justified because of the lack of inbound tourists.
2021 opens with the news that Louis Vuitton and Fendi leave Times Square, Wharf, and the move is expected to create a domino effect in the coming months.
South China Morning Post has reported that a spokesperson for Louis Vuitton confirmed that the store has closed, and all staff had been reassigned to other Louis Vuitton stores in Hong Kong. SCMP also confirmed with Fendi that the store has permanently closed.
SEE ALSO : City landlords urged to rescue retailers from drowning in the new wave of social restrictions
The whole area of Causeway Bay is slowly losing its luxury flagship stores, and from being among the most expensive neighborhood for retail rents is now getting a more diversified set of tenants.