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Hong Kong’s Canton Road overtakes Russell Street as Asia-Pacific’s most expensive place to rent a shop amid exodus of luxury retailers, survey finds
- The famous Russell Street, frequently crowned the world’s most pricey retail rental location, has seen a flurry of big-name luxury brands leave
- Despite the allure of Canton Road, Tsim Sha Tsui overall had the highest number and rate of vacant shops in the first two months of 2021
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Hong Kong’s Canton Road has overtaken Russell Street as the most expensive place to rent a shop in the Asia-Pacific region for the first time, according to a survey by Cushman & Wakefield.
The street in Tsim Sha Tsui ended 2020 at HK$944 (US$122) per square foot per month, 35 per cent lower than a year earlier, while rents in Causeway Bay’s Russell Street were down 43 per cent at HK$870, said the Asia-Pacific Main Streets Report.
Causeway Bay’s drop was its first since the second quarter of 2014.
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The famous Russell Street, which has frequently been crowned the world’s most pricey retail rental location in the last few decades, has seen a flurry of big-name luxury brands leave, including Prada, Kiehl’s and La Perla. Their departure followed the anti-government protests of 2019 and more recently the Covid-19 outbreak.
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Some shops there have remained vacant, while other spaces are now occupied by sundry shops selling cheap accessories, degrading the lustre of the road.
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