Victoria’s Secret to replace Forever 21 at prime Causeway Bay site
Change in tenants marks growing trend for fast-fashion making way for premium goods in shopping area
Forever 21, the US fast-fashion brand, is closing its flagship 51,188 square foot store in the heart of Hong Kong’s bustling Causeway Bay shopping district late next year.
According to filings made with the Land Registry, the lease contract for the prime six-floor site in Capitol Centre on Jardine’s Bazaar – right across from Hysan Place shopping mall – will end in August next year and the new tenant is not Forever 21.
A spokesperson at Forever 21’s US headquarters in Los Angeles confirmed the company is “actively reviewing new store sites in the area”, adding its exit was mainly because of profitability concerns.
“After careful consideration of the long-term profitability of this particular location, we made the decision not to renew our lease and are actively reviewing new store sites in the area.”
According to a local real estate source, the site will now be taken over by New York-based lingerie giant Victoria’s Secret, which could be expected to pay an estimated HK$7 million per month in rent for the site, just less than half of what Forever 21 was paying.
Forever 21 has been at the site since 2011, but is believed to have been forking out around HK$13.8 million per month in rent.
The chain currently operates 12 stores in mainland China, two each in Hong Kong and Taiwan.
