By South China Morning Post | Created at 2024-09-28 00:32:42 | Updated at 2024-09-30 11:29:48
2 days ago
Swiss luxury watchmaker Omega is expanding its footprint in Hong Kong, leasing another shop on Russell Street – once the world’s priciest retail strip – for HK$400,000 (US$51,404) a month, according to Midland IC&I.
The transaction gives a much-needed boost to a struggling Hong Kong retail market, which has seen closures by many major brands who have grappled with lower spending by both locals and tourists.
“Recently, we do see the overall leasing activity gradually picking up,” said Rosanna Tang, executive director and head of research for Cushman & Wakefield in Hong Kong. “Luxury brands are taking chances to relocate and upgrade to more prominent locations with better footfall.”
The new space has 795 sq ft and is adjacent to Omega’s existing shop in Causeway Bay, according to Midland. Omega did not immediately reply to a request for comment.
The space was previously leased by Duty Zero by cdf, a retailer of wines and spirits.
