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UK developer Berkeley takes a punt on Causeway Bay space once occupied by Gucci and La Perla, launches pop-up to sell homes in London, Kent
- Firm’s Russell Street location aims to provide ‘experiential retail’ to potential buyers, managing director says
- Pop-up stores suit both tenants and landlords in a struggling retail property market: CBRE
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UK-based developer Berkeley Group has leased for a month the 8,000 sq ft, four-storey retail space formerly occupied by Italian luxury brands La Perla and Gucci in Causeway Bay, riding the pop-up store wave as Hong Kong’s retail market grapples with changes in spending patterns of mainland Chinese tourists.
Berkeley, which has a marketing suite in The Landmark commercial complex in Central, is adding to its presence in the city through the Russell Street location, with the aim of providing “experiential retail” to potential buyers with interactive displays and virtual tours, according to Gavin Sung, managing director of international operations at Berkeley Group.
“The decision to employ a pop-up retail concept to promote our property developments in the UK stems from a thoughtful strategy that recognises the unique advantages of this approach,” Sung said. “This approach can create a more personalised and memorable connection with our brands and developments.”
Berkeley’s lease expires on October 24. So far, most of the clients walking in have been from Hong Kong, said Anthony Jurenko, director of Hong Kong at Berkeley.
Pop-up stores suit both tenants and landlords in a struggling retail property market, said Lawrence Wan, senior director, head of advisory and transaction services – retail, at CBRE Hong Kong.
“The lease period is more flexible and it is not necessary to invest a large lump sum in renovations,” he said. “Retailers can try different ideas at pop-up stores whilst providing a refreshing shopping experience to customers.
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