Exclusive | Topshop to close last Hong Kong store, joining growing list of foreign retailers leaving city amid coronavirus sales slump
- Topshop will close its two-storey flagship store in Central when the lease runs out in October
- The closure comes even after the lease on Topshop’s store was reduced to HK$1.5 million a month in 2017 from HK$3.4 million earlier
Topshop told the Post that it will not renew the lease of its two-storey flagship store in Central when the contract expires in October.
The fast-fashion retailer also said that it was ending its partnership with Lab Concept when its agreement expires in October and shifting its presence to online only in the city.
“Hong Kong remains an important market to Topshop Topman, and both brands will continue to service the region via Topshop.com and Topman.com,” said a company spokeswoman. “All staff have been informed and will be offered new roles by our Hong Kong operating partner Lab Concept.”
Topshop, controlled by British billionaire Philip Green’s Arcadia Group, has closed a number of stores across the world, including the UK, US and Australia, after struggling to cope against a backdrop of challenging retail headwinds, changing consumer habits and increasing online competition. London-based Arcadia, which also owns Dorothy Perkins, Outfit, Burton, Evans, Miss Selfridge and Wallis, filed for bankruptcy in the US in May 2019.