Swire Properties will replace 'staid' British store with trendy Spanish fashion retailer Zara and others
British-based Marks & Spencer is to close its flagship store in the biggest shopping mall in Admiralty, and property-market observers believe the staid image of the retailer does not meet the landlord's requirement for trendy tenants.
After operating the store in Pacific Place for about 15 years, M&S said it would close in June because landlord Swire Properties did not renew its lease.
The space, over two floors, will be occupied by Spanish fashion retailer Zara and a number of other brands.
Richard Wolff, divisional director of Marks & Spencer, said the company was disappointed because the closure would inconvenience its customers.
Mr Wolff said the company would be happy to stay and pay higher rent. The Pacific Place outlet was one of the best performers of nine in Hong Kong, he said.