Five Guys monthly rent 600,000 in Wanchai Southeast Asia first store

Although overseas retail brands have slowed their pace of opening in Hong Kong in recent years, restaurants have continued to enter the local market. The American fast food restaurant Five Guys, which is famous for selling hamburgers, will open its first branch in Southeast Asia in Wanchai. The rent will be rented at Wanchai Kwai Xuan, which is $600,000 a month. The rent is more than 30% lower than the previous tenant’s monthly rent of $900,000.

Older than 30% lower

It is understood that Five Guys has just pre-leased Shop 1B, G/F, G/F, 60 Johnston Road, Wan Chai, about 5,824 sq ft, with a monthly rent of $600,000 and a lease of $103. The shop was originally rented by American casual fashion brand Tommy Bahama. In 2012, it was rented for about 900,000 yuan as the first flagship store in Hong Kong. The brand did not renew the lease after completing the six-year lease in this year. The owner rented it for 650,000 yuan and eventually rented it at 600,000 yuan lower than 600,000 yuan six years ago. The rent fell by 33.3%.

Five Guys is an American fast food restaurant founded in 1986. It started as a store in Washington, DC, and expanded to other states in 2002 and began to expand overseas. Because of the former US President Barack Obama in 2009, he became famous. At present, the fast food restaurant has 1,500 stores in the United States, Canada, the United Kingdom, France and the Middle East. This is the first time in Southeast Asia to open a store, with Hong Kong as the first stronghold.

Over the past 20 years, there have been famous American fast food restaurants such as Hardee’s and Wendy’s, but they have all been withdrawn for different reasons. Shake Shack, another US fast food restaurant that has risen in recent years, like Five Guys, entered the Central International Finance Center mall earlier this year.