Louis Vuitton prepare closes shop at Times Square Branch, Hong Kong,

Louis Vuitton closes the branch at Times Square, Hong Kong, at a monthly rental fee of HK $ 5 million. After the landlord refused to help heal.

Among the luxury brands from LVMH Moet Hennessy, which has to pay about $ 5 million to Hong Kong at Times Square, has decided to close the branch. Times Square is counted as one of the 8 branches in Hong Kong. It is considered the most expensive rental in the world.

LV leased the 2nd floor of 10,000 sq. Ft. Of the 9-story Times Square shopping center, owned by Wharf Real Estate Investment Corporation.

The source said that LV decided to close the Times Square branch after Wharf denied a request to help reduce rents. And when reporters tried to contact LV to comment, Times Square revealed that the renewal of all lease and new lease agreements will be agreed with the tenants according to the market conditions at that time.

In a Times Square statement, “Times Square has signed a tenancy agreement regarding all tenants. We are therefore not able to disclose any information related to rental negotiations or management. ”

Information from people in the industry Revealed that before the protest, LV plans to open the 9th branch at Hong Kong Airport. In addition, it was found that the LV at Times Square sells around HK $ 25 million per month.

In addition, the famous brand Prada from Milan. Prepare to close the branch at Plaza 2000, with monthly rent of 9 million Hong Kong dollars. And the lease contract will expire in June this year After the group continued to gather in that area

Source: https://www.scmp.com/business/article/3044553/louis-vuitton-paid-estimated-hk5-million-monthly-rent-times-square-its