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Exclusive | Five Guys to move into cosmetics retailer Sa Sa’s space on Russell Street as landlord drops rent by more than half
- The US burger chain will pay HK$670,000 a month for 6,700 sq ft of space on the first floor of Emperor Watch and Jewellery Centre, 58 per cent less than Sa Sa
- Five Guys will be the first fast food restaurant on Russell Street since McDonald’s left in 2013
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Five Guys, the American burger chain, is opening a branch on Russell Street, taking advantage of a near 60 per cent drop in rents following an exodus of luxury brands.
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It will be the first US fast food outlet on one of Hong Kong’s most exclusive shopping strips since 2013 when McDonald’s, the world’s largest chain of hamburger restaurants, had to move out because of soaring rent.
Five Guys has agreed to lease 6,700 square feet on the first floor of Emperor Watch and Jewellery Centre for HK$670,000 (US$86,250) a month, or HK$100 per sq ft, 58 per cent lower than the nearly HK$1.6 million paid by cosmetics retailer Sa Sa International Holdings, according to people familiar with the deal.
Emperor International Holdings, owner of Emperor Watch and Jewellery Centre and the largest landlord on Russell Street, said it had no comment, while Five Guys did not immediately reply to inquiries from the Post.
Hong Kong retail sales plunged by a record 24.3 per cent year on year in 2020, as coronavirus pandemic dampened consumer sentiment. A lack of tourist arrivals, which tumbled 94 per cent to 3.6 million, made matters worse.
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