Prada is set to launch a significant new store in Hong Kong, marking its first major expansion in the city in years.
Prada is set to launch a significant new store in Hong Kong, marking its first major expansion in the city in years. The luxury fashion house will occupy an 8,000-square-foot space at K11 Musea, a high-end waterfront shopping mall developed by New World Development Co. Construction for the two-floor store is expected to start shortly, with an anticipated opening early next year. Largest new opening This new store will be Prada’s largest new opening in Hong Kong since it closed its flagship store in Causeway Bay in 2020. That closure ended one of the city’s most expensive retail leases, which commanded a monthly rent of approximately $1.2 million. At its peak, Prada operated nine outlets in Hong Kong, but the number has since dwindled to six. Market conditions favor luxury retail Prada’s move reflects a broader trend among global luxury brands returning to Hong Kong’s prime business districts. This resurgence is driven by property rents that have fallen significantly fr om pre-pandemic levels. According to Cushman & Wakefield Plc, retail rents in Tsim Sha Tsui, wh ere K11 Musea is situated, are still 45% below the levels seen in 2019. Hong Kong’s luxury shopping scene is experiencing a revival as high-end malls and retailers strive to attract affluent consumers. Despite ongoing economic challenges and social unrest, spending among the city’s wealthy residents remains robust. Hong Kong’s affluent population has provided a stable environment for luxury brands amid a sales slump in mainland China. The city continues to be a prime destination for mainland Chinese tourists, contributing to its status as a vital global retail hub.
