Luxury brand Shanghai Tang plans to move into a group of tents at a ferry pier after becoming the latest victim of soaring commercial rents in Central.
The iconic Hong Kong clothing company is quitting the Pedder Building premises that housed its flagship store for 17 years after the monthly rent more than doubled to HK$7 million. It plans to move the flagship store to a four-storey building 350 metres east of the Pedder branch in March next year.
In the meantime, Shanghai Tang will set up shop on the rooftop of Central Ferry Pier 4, where it plans to erect Mongolian tents, called yurts, in line with its Mongolian-inspired Christmas collection. These 'pop-up' stores will operate from November 4 to December 31.
'We hope there will be no typhoons,' said Raphael le Masne de Chermont, the brand's executive chairman.
The company decided to give up its 6,300 sq ft space on the ground floor and basement of the Grade II listed historic Pedder Building after losing a bidding war against American lifestyle brand Abercrombie & Fitch, which agreed to pay two-and-a-half times the previous rent.
However, Shanghai Tang - known for its colourful cheongsams and traditional Chinese accessories - said it had rented a 2,000 sq ft shop on the building's sixth floor, which would also serve as one of its outlets until February next year.
'Losing [the original store] at Pedder [Building] was not fun. It was unexpected,' said Le Masne de Chermont. 'But I hope people will realise Shanghai Tang is more than Pedder. We are a brand, not just a store.'