Canton Road defies the retail property market with rising store rents
According to a report from Sheraton Valuers, 10 shops in Canton Road changed hands this year. "In all cases the new tenants are paying higher rents than the previous ones," said Sheraton chairman Sunny Yam Wing-yin.
Canton Road in Tsim Sha Tsui, a favoured destination of mainland shoppers, is the only street in the city in which rents continue to rise, according to property agents.
According to a report from Sheraton Valuers, 10 shops in Canton Road changed hands this year. "In all cases the new tenants are paying higher rents than the previous ones," said Sheraton chairman Sunny Yam Wing-yin.
"The most expensive one is the shop rented by jewellery and watch retailer Chow Tai Fook," he said.
The 2,300 square foot shop is being let for HK$6 million a month, almost triple what the previous tenant, A/X Armani Exchange was paying.
New tenants are mainly retailers of luxury items such as jewellery, watches, and cosmetics, electronics and smart phones, and computers.
Yam said Canton Road remained a draw card for mainland tourists on the hunt for luxury items.