The brand is renting an 8,000sq ft store in K11 Musea, the harbourfront luxury shopping mall by New World Development Company.
Construction work for the two-floor store will begin soon and it’s expected to open early next year. Rent is likely to be partly based on store sales.
This will be Prada’s first major new store in Hong Kong in years. The group shut its flagship in Causeway Bay in 2020, ending one of the city’s most expensive retail leases with a monthly rent of HK$9 million ($1.2 million). The brand, which at its peak had nine outlets in the city, now operates six, according to its website.
Global luxury brands are increasingly returning to Hong Kong’s core business districts, attracted by property prices that are much lower than pre-pandemic levels. In Tsim Sha Tsui, where Musea is located, average rent for stores at major shopping streets is still 45 per cent below the 2019 level, according to studies by Cushman & Wakefield Plc.
Hong Kong’s wealthy residents have provided some stability for global brands against a sales slump in their key market of mainland China. The shopping hub also remains one of the most popular destinations for mainland tourists.
