Chanel has rented the vacant space left by Victoria's Secret and Forever 21 in Hong Kong's Causeway Bay shopping district, in a move that is expected to boost the area's retail market, local media reports said.
According to Bridgeway Prime Shop Fund Management CEO, Chanel will pay more than HK$3 million (US$382,810) per month for the approximately 19,000 square feet of space.
This lease is expected to "definitely boost the market, especially Causeway Bay," the CEO said.
The Capitol Centre, located at the corner of Jardine's Bazaar and Jardine's Crescent, will house Chanel's new store.
The luxury fashion house is known for its high-end clothing, accessories and perfume products.
The addition of Chanel to the shopping district is seen as a positive sign for the local retail market, which has been affected by the
COVID-19 pandemic and other challenges.
The rental agreement is a major win for the Causeway Bay shopping district, which has been trying to attract high-end brands to the area.
Chanel's new store is expected to open later this year, and will likely attract more shoppers to the district.
The addition of Chanel to the area is seen as a positive step for the local retail market and the Causeway Bay shopping district.