British luxury fashion house Burberry is the latest luxury brand to withdraw from Hong Kong’s famous shopping street Canton Road.
The closure of the three-storey store came after Burberry shut its prominent Russell Street flagship last year, highlighting its struggles in a market still heavily impacted by COVID-19 restrictions.
The brand’s 5,500-square-foot store on Canton Road, Tsim Sha Tsui, was opened in 2011 and was reported by WWD to have a monthly rent of US$1.12 million.
Since the introduction of broader controls between mainland China and Hong Kong in early 2020, in addition to waves of social unrest before that, luxury retail in Hong Kong has taken a big hit.
The brand admitted during its recent earnings call that trading in Hong Kong is “very challenging” because there are few Chinese tourists in the region.
