Spanish retailer Mango snags prime Hong Kong shop at 50% discount amid retail slump

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The monthly rent for the 14,000 sq ft space at Asia Standard Tower in Queen’s Road Central is HK$1.25 million (US$160,220), 55 per cent lower than the all-time high in 2012

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Spanish retailer Mango will occupy two levels at Asia Standard Tower in Queen’s Road Central from September. Photo: Jonathan Wong

Salina Li

Published: 7:30am, 28 Aug 2024

Spanish fast-fashion brand Mango has signed a three-year lease for a new shop in Central, Hong Kong’s prime retail district, at a discount of more than 50 per cent from its peak more than a decade ago.

The outlet will occupy 14,000 sq ft over two levels at Asia Standard Tower in Queen’s Road Central. The lease runs from September 1 to August 31, 2027.

The monthly rent for the premises is set at HK$1.25 million (US$160,220) in the first year and will increase by HK$50,000 in each of the next two years, according to data published on the Land Registry website on Monday.

The new rent is 55 per cent lower than the peak of HK$2.8 million in 2012, when British high street retailer Topshop operated its flagship store through its partnership with Lab Concept, a unit of luxury fashion and lifestyle department store Lane Crawford, according to the Land Registry. In 2017, Topshop bargained the monthly rent down sharply to HK$1.5 million, the Post has previously reported.

Topshop closed its last and largest store in Hong Kong in October 2020 when the contract expired.

British high street retailer Topshop closed its last and largest store in Queen’s Road Central in October 2020. Photo: Nora Tam

In the past four years, the property has only been rented out on a short-term basis to tenants such as La Prairie, a high-end Swiss skincare brand. The landlord charged a monthly rent of around HK$500,000 for tenancies of one to two months, according to local media reports.