Omega leases another shop in Hong Kong’s Causeway Bay as agents see retail leasing pickup

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Swiss luxury watchmaker Omega is leasing another shop on Russell Street, once the world’s priciest retail strip, for US$51,404 a month

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A huge Omega sign on Russell Street in Causeway Bay. Photo: Sun Yeung

Cheryl Arcibal

Published: 8:30am, 28 Sep 2024Updated: 8:44am, 28 Sep 2024

Swiss luxury watchmaker Omega is expanding its footprint in Hong Kong, leasing another shop on Russell Street – once the world’s priciest retail strip – for HK$400,000 (US$51,404) a month, according to Midland IC&I.

The transaction gives a much-needed boost to a struggling Hong Kong retail market, which has seen closures by many major brands as they grapple with lower spending by both locals and tourists.

“Recently, we do see the overall leasing activity gradually picking up,” said Rosanna Tang, executive director and head of research for Cushman & Wakefield in Hong Kong. “Luxury brands are taking chances to relocate and upgrade to more prominent locations with better footfall.”

The new space has 795 sq ft and is adjacent to Omega’s existing shop in Causeway Bay, according to Midland. Omega did not immediately reply to a request for comment.

The space was previously leased by Duty Zero by cdf, a retailer of wines and spirits.

It is the latest Hong Kong expansion for the company – known for its Speedmaster and Seamaster watches – after it opened two boutiques in December: a 5,102 sq ft, four-storey shop in Central; and a 5,565 sq ft, two-storey space in the K11 Musea in Kowloon.