Louis Vuitton paid an estimated HK$5 million in monthly rent at Times Square before its decision to shut its boutique
- The retailer of luxury bags and clothing, best known for its signature LV monogram, occupies 10,000sqft on the second floor of the Times Square shopping centre
- LV decided to close the store after Wharf refused a request to lower the rent, South China Morning Post reported earlier
Louis Vuitton, the century-old French retailer at the top of the LVMH Moet Hennessy conglomerate of luxury brands, was paying an estimated HK$5 million (US$642,000) in monthly rent at its Times Square branch before deciding to close its outlet in the world’s most expensive main street, according to industry consultants.
The retailer of luxury bags and clothing, best known for its signature LV monogram, occupies 10,000 square feet (929 square metres) on the second floor of the nine-storey Times Square shopping centre, owned and operated by Wharf Real Estate Investment Corporation.
“As Times Square has signed confidentiality agreements with all tenants, we are not in a position to disclose any information relating to the lease negotiations, nor arrangements,” it said in a statement.
The imminent closure of the store – one of eight LV boutiques in Hong Kong – makes the French retailer the second luxury brand to succumb to shrinking foot traffic since anti-government protests deterred visitors and forced many shopping centres in the city to shut.
