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With Sales Slowing, Luxury Brands Are Finding Hong Kong Rent Too High

By Tony Seruga

Shoppers and pedestrians walk past a Burberry Group Plc store, center, and a shuttered store vacated by Tag Heuer International SA on Russell Street in Hong Kong. Photographer: Xaume Olleros/Bloomberg

Landlords on Hong Kong’s Russell Street a year ago could boast the highest retail rents in the world. Now they are adjusting to a new reality.

Burberry Group Plc, Kering SA and jewelry retailer Chow Tai Fook Jewellery Group Ltd. are pushing landlords to lower rents on existing properties as luxury brands are scaling back amid plummeting sales. TAG Heuer closed its Russell Street store last week, citing high rents and declining traffic…

With Sales Slowing, Luxury Brands Are Finding Hong Kong Rent Too High

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