Spanish fast-fashion powerhouse Mango has secured a sprawling 19,000-square-foot space along a main thoroughfare in the city’s prime shopping district, Central.
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Sources familiar with the development revealed that Mango’s latest endeavour in Hong Kong has been fuelled by the allure of reduced rental rates.
The brand’s forthcoming two-floor flagship store is slated to occupy Asia Standard Tower on Queen’s Road Central, in the spot that has remained predominantly unoccupied since 2020 following the departure of its longstanding occupant, British retail giant Topshop. The space has hosted various pop-up events since Topshop vacated the premises.
Per an earlier Bloomberg report, Mango’s fresh lease agreement commands a monthly rent of approximately HKD1.2 million (USD154,000), reflecting a steep 60 percent decline from the pinnacle of its rental rate circa 2014.
As local companies grapple with subdued tourism and evolving consumer spending patterns favouring alternative destinations such as Japan, prime landlords in Hong Kong will need to bank on multinational labels to inject vitality into vacant storefronts.
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Mango’s forthcoming store stands in close proximity to another Spanish fashion behemoth, Zara, as well as Swedish label COS, under H&M. Also across the street is the debut store of Swiss footwear brand On.