How a handful of small shops held out in high-priced Causeway Bay
Small independent shops survive amid the high-rises of Times Square
Sharp-eyed passers-by in Causeway Bay may have noticed an interesting juxtaposition of retailers on Russell Street. Directly across the road from Times Square, wedged between luxury brands such as Burberry and Blancpain, are far humbler businesses, including a nail salon, an independent cafe and a sex toy store.
These small shops occupy the two remaining on the short stretch of road in Causeway Bay that has become one of the world's most expensive retail locations - on a par with New York's Fifth Avenue and Regent Street in London.
So how have the walk-ups at 18 and 26-28 Russell Street managed to survive when others have long made way for high-rises with ground floor spaces commanding rentals of HK$3,000 per square foot?
It's all thanks to a stand-off between competing property owners, says Daniel Wong Hon-shing, chief executive of real estate agency Midland IC&I.
"Russell Street is one of the world's premium locations, which influential developers have been eyeing constantly," Wong says. "Some may own a shop on the ground floor, others may have bought units upstairs. There're also individual owners, who are patiently waiting for a sky-high acquisition. But it takes 80 per cent ownership to take over a [multi-level] property ...
"In particular, both Emperor International and Soundwill Holdings want to be the 'property king of Russell Street'."
