Chanel rents space vacated by Victoria’s Secret, Forever 21 in Hong Kong’s Causeway Bay in boost to shopping district
- Local media reports say French luxury fashion house Chanel will pay more than HK$3 million (US$382,810) per month for the about 19,000 sq ft space
- Chanel’s lease will ‘definitely boost the market, especially Causeway Bay’, Bridgeway Prime Shop Fund Management CEO says
Chanel has leased some of the retail space previously occupied by Victoria’s Secret and Forever 21 in Hong Kong’s Causeway Bay, in what could be the city’s biggest such deal since the start of the coronavirus pandemic in 2020.
The French luxury fashion house has leased the ground and first floors, as well as the façade from the ground floor to the fourth floor, in Capitol Centre for three years, according to official records. The records do not mention the rent, but local media Ming Pao and HK01 reported that Chanel will pay more than HK$3 million (US$382,810) per month for the about 19,000 sq ft space, or more than HK$108 million for the three years.
The lease starts on May 16 with two options for renewals of three years each. Renovation work is under way at the site and when the store opens, it will be Chanel’s fifth outlet in Causeway Bay after shops in the Times Square and Lee Garden Two shopping centres, a cosmetics counter in the Sogo department store and a cosmetics and perfume shop in Hysan Place.
A Chanel spokeswoman confirmed that the space will be occupied by Chanel Beauté, the fashion house’s cosmetics brand. Capitol Centre’s leasing office declined to comment.
Chanel’s lease will “definitely boost the market, especially Causeway Bay”, said Edwin Lee, founder and CEO of Bridgeway Prime Shop Fund Management.
