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Hong Kong economy
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Victoria’s Secret closes flagship store in Causeway Bay as Covid-19 upends tourism

  • Announcement by lingerie retailer is latest grim sign for landlords
  • American retailer joins Prada, Louis Vuitton and Tiffany & Co. in leaving Causeway Bay

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A woman reads a notice posted at Victoria’s Secret that it has closed its flagship store in Causeway Bay. Photo: May Tse
Sandy Li

Victoria’s Secret, the American retailer known around the globe for its seductive lingerie and advertisements, has closed its flagship store in Causeway Bay, becoming the latest luxury brand to shut its doors amid a plunge in tourism in Hong Kong due to the coronavirus pandemic and last year’s social unrest.

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The retailer posted a simple paper notice on its door on Thursday that read, “We regret to inform you that we have closed the Victoria’s Secret Flagship Store at Causeway Bay in Hong Kong. You will be available to shop online on our international website.”

Its announcement that it is shutting its sole store left in Hong Kong is the latest grim sign for the city’s landlords.

It follows the decision earlier this month by Greek jeweller Folli Follie to shut all of its shops, including in Hong Kong. Meanwhile, Prada closed its flagship store on Russell Street, one of the most exclusive shopping strips in the world that has seen other high-end tenants close up shop, including luxury watch seller Rado.
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“International brands have decided to close or scale down their operations and that indicates they are less optimistic about the retail market outlook. They probably believe the market is unlikely to return to the pre-Covid-19 level after the pandemic is put under control,” said Martin Wong, associate director, research & consultancy of Greater China at Knight Frank.

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