Esprit Mong Kok Giant Shop evacuated within two months.
Esprit, a chain of fashion brands under Esprit (00330), abandoned the core retail area, after the flagship store on the third floor of the Yuhua International Building in Tsim Sha Tsui and the ground floor of Leighton Centre in Causeway Bay, the short-term rental of Mong Kok Mwan Mall in Mong Kok Giant shop, also feel that the owner’s rent is too high, and intends to evacuate within two months, meaning that Esprit will end three flagship stores this year.
Owner Li Yongzhen intends to split and rent
Esprit is currently renting Shops 101 to 107 and 111-113 on the B1, 1/F, M/F, MTR Mall, Mong Kok, Mong Kok Street, Mong Kok, Mong Kok. The gross floor area is about 4,707 square feet. The first floor is about 8026 square feet. 12733 Fang Wei, originally rented at a high price of 2.5 million yuan in 2012, and rented about 196 yuan. The lease expired in December last year, but the owner promised that the short-term rent could be more than half a year, and the monthly rent was $1 million, which was 60% lower than the original rent.
The short-term lease expires in June, and the senior owner of the mall owner, Li Yongzheng, confirmed that Esprit will not renew the lease, but allows Esprit to extend the lease slightly, tentatively for a maximum of two months. It is understood that Li Yongzhen had previously rented a monthly rent of 2 million yuan and then lowered the price to 1.5 million yuan. However, because Esprit thought that the rent was too high, he gave up long-term rent.
Mr Lai said that as the market lacks large-scale tenants, the ground floor and the first floor will be rented separately. The underground rent will be $1 million per month and the first floor will be rented at $500,000. It is expected to be more easily rented out than the entire shop.
Esprit closed three branches in the core retail area this year. At the end of February this year, it ended the lease of 9 floors of the Yuhua International Building, 7 Ashley Road, Tsim Sha Tsui. It has 4 floors and a total floor area of about 20,800 square feet. The flagship store, with a monthly rent of 4.5 million yuan before the lease, and a monthly rent of 2 million yuan, G7 and G14, G/F, G/F, Leighton Centre, 77 Leighton Road, Causeway Bay, are confirmed to be no longer renewed. Together with the shops of Wenhua MPM Mall, the maximum monthly rent of 3 shops is 9 million yuan, and now all will be abandoned. In addition to the Hong Kong market, Esprit has announced its withdrawal from the Australian and New Zealand markets in May.
In addition, the rent of Mong Kok floor shop continued to fall. It is located at Shop 3, G/F, Sun River Building, 2J to 2Q Sai Yeung Choi Street. The underground building area is 800 square feet. It is connected to a 600 square foot loft and rented to a tabletop beverage store for $310,000 per month. , rent 221 yuan.