Hongkong Shops Are Too Expensive To Afford Luxuries.

In fact, shops that have expanded shops in the past, such as Zhou Dafu and other goldsmith shops, have recently reduced the number of shops.

Jean-Marc Duplaix, chief financial officer of Kering group, said that the retail figures of its firm had not improved in the past six months, and if the landlord refused to rent down, the group would close some stores.

Kering group owns GUCCI, Gucci and Balenciaga.

Many real estate developers in Hongkong do not understand that the atmosphere of the whole market has gone bad and retailers are lingering on, but the landlords continue to charge high rent to merchants, Duplaix said.

French media said international brand stores, including MOET & CHANDON, Hennessy, LV and LVMH, and Burberry (Burberry) threatened to close their doors if Hongkong landlords refused to rent down at the time of the current retail industry. The report said that due to the continued weakness of the mainland economy, the luxury of free travel shopping and the decline in the number of landowners, the retail industry is in a doldrums.

In addition, its LVMH, which owns LV, Dior, Fendi and Marc Jacobs, is also deeply convinced by the continuing high rent in Hongkong. Jean-Jacques Guiony, chief financial officer of the quoted group, said that the group and the real estate developers have held several meetings on the rent issue, but the result remains unknown.

As for British brand names Burberry Faced with the same dilemma, the company's chief financial officer, Carol Fairweather, said there were 17 stores in Hongkong, the first quarter of this year. Turnover Double digit declines have been seen. Although the company is still making money in Hongkong, she is now reviewing the branch network and asking the landlord to reduce the rent, she said.

Reported that LVMH and Kering group in Hongkong opened a total of 130 independent brand shops, the products include clothing, jewelry and watches, while Burberry has 10 branches.

If these famous stores reduce their rents, the most influential ones will be the geodetic group, which owns Tongluowan Times Square and Tsim Sha Tsui Harbour City. The three groups have opened 40 stores in Times Square and Harbour City.

But report quotes Hong Kong Chen Yaofeng, director of the Hongkong district director of the commercial department of Zhong Zhi Xing, a real estate consultant, said that the consumption power of mainland visitors to Hong Kong has been much worse than before. However, he believes that shopping centres have the ability to attract people, so the rental capacity is strong, and the owners may not follow suit. The first attack of overseas brand new brands is also intended to open stores in the mall. It is expected that the rental of shopping malls in Hongkong district will still increase by 3% this year, which is far higher than the 20% of the street rent.