Business · Companies · 2 hrs ago
King Fook agrees to HK$268.5 million lease for new Admiralty store
King Fook Jewellery Group agreed to lease a new shop at Pacific Place Phase II in Admiralty, Hong Kong.
The space covers 550 square metres in a prime business district.
The six-year lease has total base rent of HK$268.5 million, or about HK$3.73 million a month.
It is tentatively due to begin on February 1, 2028.
The move signals confidence in Hong Kong retail even as demand for luxury goods slows.
Analysts said rising visitor numbers have supported retail sales, especially for jewellery and watches.
The new store will expand King Fook’s network after the company had not added locations for some time.
King Fook Jewellery Group has agreed to lease a 550-square-metre shop at Pacific Place Phase II in Admiralty.
The six-year lease has total base rent of about HK$268.5 million, or about HK$3.73 million a month.
The lease is tentatively scheduled to start on February 1, 2028.
Analysts said the move signals confidence in Hong Kong’s retail market despite slowing demand for luxury goods.
- Who
- King Fook Jewellery Group.
- What
- It agreed to a six-year lease for a new retail store.
- When
- The lease was announced in a company filing on Monday. It is tentatively scheduled to start on February 1, 2028.
- Where
- Pacific Place Phase II in Admiralty, Hong Kong.
- Why
- Analysts said the lease signals confidence in Hong Kong’s retail market. They cited rising visitor numbers and retail sales growth, particularly in jewellery and watches.
This story does not have two clearly opposing sides.
King Fook filed a company announcement about the lease with Hong Kong Exchanges and Clearing.
The lease is tentatively scheduled to commence.
- Lease term
- Six years
- Total base rent
- About HK$268.5 million
- Monthly base rent
- About HK$3.73 million
- Store size
- 550 square metres, about 5,920 square feet
- Location
- Pacific Place Phase II, Admiralty, Hong Kong
What people are saying
Thus many retailers in this industry have been expanding their store networks, creating a ripple effect among competitors.
King Fook, which has not expanded its store count for some time, is now seizing this opportunity to open new locations.
Sources
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