Two-and-a-half million rents in Beijing Road complex store fell nearly half
With the improvement of retail sales, the leasing of shops in the core area has been significantly accelerated. According to the news, Esprit Holdings (00330) abandoned the rented flagship store in Beijing Road, Tsim Sha Tsui, which was leased by the sportswear brand at about 2.3 million yuan per month. The peak rental period was nearly half.
The complex’s Yuhua International Building complex at the junction of Beijing Road and Ashley Road in Tsim Sha Tsui was leased out. The shop was located on the ground floor to the 3rd floor and was a total of approximately 27,000 square feet. It was rented out at a monthly rate of approximately 2.3 million yuan. The average lease rate was 85. yuan. The biggest advantage of this shop is that it enjoys unilateral 3 sides and a wide advertising space on the exterior wall, so it is very effective in promoting the brand.
According to the news, the new tenant is a sports clothing store, and the market has reported that there is a higher chance of being sold by FILA. The brand has recently been actively expanding, including about $1.1 million for the lease of S shop, ground floor, Hong Kong Mansion, Yee Wo Street, Causeway Bay. About 2,000 square feet.
Esprit renews with 4.5 million renewal to March
The shop was originally rented by Esprit Fashion since 2008, when it was rented for 2.4 million yuan, and then it was renewed twice. The rent was increased to 4.5 million yuan in March this year. It is learnt that the brand’s business has contracted in recent years. As a result, the Tsim Sha Tsui duplex flagship store was eventually abandoned, and the owners re-leasing the lease. After a few months, the shop was finally accepted by the sportswear brand. The peak rental period fell by nearly 50% and returned to 10%. Years ago.
Canton Road Shop 呎Rent$500
The recent improvement in retail market conditions has led to a renewed expansion of many brands. Among them, the most active mid-to-the-lower-priced items such as sportswear, pharmacies and cosmetics have caused a significant increase in the number of rental shops in the core area this year, while the rental rate has been at the peak. There is still a long way to go, such as Canton Road in the most core area of Tsim Sha Tsui. In recent days, there have also been rare rental transactions in the shops, involving Shop No. 4 and Shop No. 5 on the ground floor of Building No. 86-98, Man Lee Building. The shop area is about 2,518 square feet. Wanning was awarded a rent of approximately RMB1.25 million per month, and the lease was approximately RMB500, which represented a decrease of approximately 72% when rented by Chow Tai Fook.