Jewellers and luxury international brands have edged out restaurants in the upmarket IFC Mall in Hong Kong’s Central.
Commercial landlord Sun Hung Kai Properties has revamped the tenant mix of its joint-venture retail arcade by not renewing lease agreements with 10 restaurants to make room for those willing to pay much higher rents for the prime space.
The change in tenant mix by the largest developer in Hong Kong in terms of market capitalisation sees the new tenants paying rentals up to three times higher than those paid by the restaurants. While restaurants typically paid HKD100 (USD13) per square foot per month, watch and jewellery retailers could afford to pay up to HKD300 (USD38) per sqf according to Karim Azar, assistant general manager for retail leasing at the mall.
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(Source: scmp.com)