In the bustle of Hong Kong’s prime shopping district Causeway Bay, luxury powerhouse Chanel has recently signed a lease for a two-storey retail space at Capitol Centre.
Avid shoppers may recognise the 19,000 square-foot space to have formerly housed retail stores of fashion giants Forever 21 and Victoria’s Secret. The building sits across an MTR exit on a major shopping street right beside Hysan Place, making its commercial space one of the most visible citywide.
The store opening comes just in time as waves of tourists flood into the recently-opened borders of Hong Kong, leading to a resounding boom in the retail sector. The Hong Kong Tourism Board recorded an increase in visitors from below one million in January to nearly three million in April, signifying a hopeful recovery from the effects of social unrest and COVID-19 restrictions.
While we’re not sure when the store officially opens, Chanel’s lease began on May 16th, lasting three years. Government records do not indicate the amount of rent, but media outlet SCMP reported that Chanel had agreed to shell out some HK$3 million monthly, making the deal one of the largest in Hong Kong’s post-pandemic era.
Once the renovation is complete, the store will come as a treat to beauty lovers: it will become an outlet of the fashion house’s cosmetics label Chanel Beauté. What’s more, fans will be spoiled for choice: the store will be Chanel’s fifth branch in Causeway Bay, after those in nearby shopping centres such as Times Square, Hysan Place, and Lee Gardens.
In an interview with SCMP, CEO of Bridgeway Prime Shop Fund Management Edwin Lee said that the return of “super tier-one brands” will “drive up sentiment in the [Causeway Bay] district”, as it has lagged behind other popular shopping areas such as Tsim Sha Tsui in the past.
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