Hong Kong retail: Prada to open 8,000 sq ft store in K11 Musea after years of downsizing
- The two-storey outlet in New World’s harbourfront luxury mall will be the Italian brand’s first in Hong Kong since it closed its flagship store in Causeway Bay in 2020
Prada is renting an 8,000 sq ft store in K11 Musea, a harbourfront luxury shopping centre by New World Development, people familiar with the matter said.
Construction work for the two-floor store will begin soon and it is expected to open early next year, said the people, who asked not to be identified discussing private matters. Rent is likely to be partly based on store sales, some of the people said.
This will be Prada’s first major new store in Hong Kong in years. The group shut its flagship in Causeway Bay in 2020, ending one of the city’s most expensive retail leases with a monthly rent of HK$9 million (US$1.2 million). The Italian brand, which at its peak had nine outlets in the city, now operates six, according to its website.
Prada’s communications team in Italy did not respond to emailed requests for comment outside regular business hours. New World, controlled by the family of billionaire Henry Cheng Kar-shun, declined to comment.
New World’s stock rose 0.7 per cent to HK$7.32 on Monday in Hong Kong. Prada added 3.4 per cent to HK$55.15.
Global luxury brands are increasingly returning to Hong Kong’s core business districts, attracted by property prices that are much lower than pre-pandemic levels. In Tsim Sha Tsui, where Musea is located, average rent for stores at major shopping streets is still 45 per cent below the 2019 level, according to studies by Cushman & Wakefield.
