Omega Leases New Retail Property in Hong Kong Amid Retail Market Recovery
Hong Kong retail market is witnessing signs of revitalization as Swiss luxury watchmaker Omega successfully leases another shop on Russell Street, historically one of the most expensive retail destinations. The monthly rental is set at HK$400,000 (US$51,404), as confirmed by Midland IC&I. This transaction marks a significant moment for a market struggling with recent brand closures.
According to Rosanna Tang, executive director at Cushman & Wakefield, leasing activity is gradually improving, with luxury brands actively seeking better locations. The new Omega store covers 795 sq ft and is strategically adjacent to its existing store in Causeway Bay.
Despite a contraction in retail sales, luxury brands like Omega, known for its Speedmaster and Seamaster watches, continue to adapt and thrive. Recent figures show a decline in retail sales, particularly in jewellery and watches, but an increase in tourist arrivals hints at potential recovery.
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