Mong Kok retail turns cold

The Government’s amendment of the Fugitive Offenders Ordinance triggered a series of demonstrations and clashes, which made the retail market full of haze

The core retail outlets in Mong Kok reappeared large monthly renting shops. At the corner of the corner of Sai Yeung Choi South Street and Tai Po Road, the original tenant moved out at the beginning of this month. The owner is now renting about $1.3 million per month, which is 1.6 million higher than the monthly rent of the shop in 2013. The yuan is about 18.8% lower.

Called for rent 1.3 million, higher peak is 18% lower

The above-mentioned shops include the ground floor and attic of No. 58 Sai Yeung Choi Street, and the No. 1 underground pavilion No. 1 and the first floor of Shop A and B. The total floor area is about 4,500 square meters. The tenant will leave the lease this month. With a monthly rent of 1.3 million yuan, the rent was about 289 yuan, and it became the highest rentable restaurant in the area of ​​Sai Yeung Choi South Street. The shop is located on the side of Sai Yeung Choi South Street and Milk Road Street. It is adjacent to the MTR Mong Kok Station Bank Centre Exit and has always been one of the highlights of Mong Kok.

It is understood that the original tenant of the shop is innisfree of the South Korean makeup brand. In 2013, it was rented by 1.6 million yuan, which was twice as high as the old monthly rent. Since then, the monthly rent for the renewal of the shop has been reduced to 1.48 million yuan, a decrease of 7.5%. The lease expired this month, and innisfree had leased the 6th to 7th underground shops of Star City in the same district two months ago. The construction area is 1400 square meters, and the monthly rent is only 900,000 yuan, which is 580,000 yuan lower than the original site (39.2%). ).

Before innisfree abandoned the renewal of the rent, the shop had called renting 1.5 million yuan per month, which was 20,000 yuan higher than the old rent

However, after the tenants moved out, the landlord has reduced the asking price to about 1.3 million yuan, which is 12.2% lower than the old one, and 300,000 yuan (about 18.8%) lower than the high level of 6 years ago.

Sai Yeung Choi South Street is in the first line of Mong Kok. At present, although the number of Kyrgyzstan shops has dropped by more than 10 in the peak period, except for the addition of one of the above-mentioned Kyrgyzstan shops, another street in the street is the ground floor of No. 68 Sai Yeung Choi Street. The construction area is 2,000 square meters. It has been lost since April. At present, it is called renting 780,000 yuan per month, and the rent is about 390 yuan, which is 120,000 yuan or 13.3% lower than the previous monthly rent of 900,000 yuan.

The pre-shopper was a British bathing and personal care brand Lush, which was leased in 2016, but Lush was subletted at the beginning of this year at the ground floor of No. 66 Sai Yeung Choi South Street, which has a total floor area of ​​1690 square meters. The monthly rent is only 570,000 yuan. It can save 330,000 yuan (about 36.7%) of monthly rental expenses.


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