Nike to fill former Esprit flagship space
In this article (5)
Sportswear brand Nike will take over a 7000sqft shop in the Leighton Centre for a monthly rental of HK$1.5 million (US$190,000).
The space formerly housed an Esprit flagship, with the local fast-fashion brand reportedly paying rent of HK$2 million (US$255,000). Esprit vacated the space, located in one of the world’s busiest and priciest shopping districts, at the end of June. Esprit’s departure comes at a time when many Hong Kong retailers are abandoning or renegotiating prime streetfront locations.
The 26,000sqft Esprit flagship at Tsim Sha Tsui was also vacated earlier this year before being taken over by a shoe retailer.
The company took a net loss of HK$954 million (US$121.5 million) in the second half of 2017. It is currently poised to close more than 40 European stores.
Questions & Answers
Q.How much less rent will Nike be paying compared to Esprit for the Leighton Centre shop?
How much less rent will Nike be paying compared to Esprit for the Leighton Centre shop?
Nike's monthly rental for the 7000sqft shop in the Leighton Centre is HK$1.5 million. Esprit reportedly paid HK$2 million for the same space, meaning Nike will pay HK$500,000 less per month.
Q.When did Esprit vacate the shop in the Leighton Centre?
When did Esprit vacate the shop in the Leighton Centre?
Esprit vacated the 7000sqft shop in the Leighton Centre at the end of June. This space is located in a very busy and expensive shopping district.
Q.What happened to Esprit's other large flagship store in Hong Kong?
What happened to Esprit's other large flagship store in Hong Kong?
The 26,000sqft Esprit flagship at Tsim Sha Tsui was vacated earlier this year. A shoe retailer subsequently took over this location.
Q.What financial performance did Esprit report in the second half of 2017?
What financial performance did Esprit report in the second half of 2017?
Esprit reported a net loss of HK$954 million in the second half of 2017. The company is also planning to close over 40 European stores.
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