Yu Shing, the pharmacy owner, is expected to pay about HK$1 million (US$129,000) a month for the premises at 22-24 Russell Street, according to property agents, who declined to be named because the information is private. No other tenancy terms were immediately available.
The Yu Shing leasing deal marks the latest change of tenant mix in Causeway Bay, one of Hong Kong’s four core shopping districts, as the city’s retail industry continues to grapple and evolve with economic conditions and changing spending habits among local consumers and tourists.
Tenants along Russell Street, a 250-metre-long thoroughfare, paid as much as US$2,671 per square foot on average in annual rent at the peak of the market in 2018, topping global shopping strips including the Champs Elysees boulevard in Paris, Omotesando in Tokyo and Fifth Avenue in Manhattan, according to Cushman & Wakefield.
