The multinational sportswear retailer has closed its store on Queens Road in Hong Kong’s Central district, but the brand will continue to operate its other stores in the territory.
According to reports by the South China Morning Post, Adidas was leasing the 13,000sq ft store for $6.7M a year in 2015. The closure of this store is the latest in a long string of high-profile brand flagships to close over the past year. Cosmetics company, Lush closed its Central flagship in July, Topshop and NYX have also withdrawn from Hong Kong. Prada and Victoria’s Secret closed their stores in Causeway Bay and Gap closed its store in Tsim Sha Tsui.
The company said in a statement: “After a thorough review we have decided to close the Adidas Brand Center on Queen’s Road. We continue to have a strong presence in Hong Kong, with more than 20 Adidas stores and multiple franchise stores.”
Retail sales in Hong Kong declined for two years prior to a minor period of recovery witness earlier this year.
