New | Hermes to swap Galleria location for Prince’s Building flagship store in 2018
Designer will lease a 10,000 sq ft location, seeking a buyer for its Galleria space
Hermes is poised to open a flagship store occupying 10,000 square feet in Hong Kong in early 2018, switching strategy from owning its retail space to renting to help it weather the city’s slump in luxury and retail sales.
The French designer of luxury totes and leather products will move to the Prince’s Building along Des Voeux Road in Central, from its current location a block away at The Galleria on Queen’s Road, according to real estate agents who declined to be identified.
Existing tenants at Prince’s, including Alfred Dunhill, Brooks Brothers and a salon called ii hair & nail, will make way for Hermes, they said.
The new location will be almost double the size of Hermes’ current shop at The Galleria, developed by Hongkong Land Holdings Ltd.
Dunhill has already relocated from its two-storey outlet at Prince’s Building to another spot in the same building, while Brooks Brothers will move out from its current lot next to Dunhill’s to make room for Hermes, the agents said. Hermes will also replace ii hair & nail, which leases a basement shop at Prince’s Building covering an area of about 6,000 square feet.
Hermes will take over the lease for the combined space in November, and spend the next year on renovations, scheduling its flagship to open in early 2018, the agents said.