Prada is set to open an 8,000-square-foot store in K11 Musea, a luxury shopping mall in Hong Kong, after years of downsizing in the region. This will be the company’s first significant new store in Hong Kong in several years.
The new store, which spans two floors, is scheduled to begin construction soon and is expected to open early next year. According to sources, the rent for the store will likely be partly based on sales.
Hong Kong’s wealthy residents have provided some stability for global brands amid a sales slump in mainland China. The city remains a popular destination for mainland tourists.
Other luxury retailers are also investing heavily in Hong Kong. Hongkong Land Holdings Ltd. and tenants, including Hermes and Louis Vuitton, are investing US $ 1 billion to upgrade the Landmark retail space in Central. Hysan Development Co. is revamping its Lee Gardens malls in Causeway Bay, with expansions from tenants such as Hermes and Chanel.
