Landlords stand to gain from Causeway Bay shop closures
The imminent closures of Seibu and Mitsukoshi in Causeway Bay are likely to benefit Sogo, the last Japanese-brand complex in the district owned by Lifestyle International Holdings.
DTZ Debenham Tie Leung retail director Lawrence Heung said yesterday that less retail space in prime commercial complexes in Causeway Bay would be good news for landlords such as Lifestyle.
But Lifestyle managing director Thomas Lau Luen-hung (centre) said Sogo's leasing department had already generated a long waiting list.
Mitsukoshi is being forced to close as its landlord is to redevelop the building into a 45-storey office-retail complex.
Seibu's ground floor is being subdivided in a move expected to triple its landlord's rental income.