Many of of the major luxury brands were already present in China's top tier cities, but they have been expanding to lower tier cities to capture more shoppers, the SCMP reported earlier this year.
From January to end-November, there was close to a 65% on-year surge in luxury shops opening in China, according to Savills, a global property agent. Luxury brands have embraced setting up shopfronts in mainland China. Rents for the three areas are near their lowest in more than a decade, per Bloomberg, citing Cushman and Wakefield data. The shopping districts of Tsim Sha Tsui and Centra also saw steep declines in rental prices.
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Tents in Hong Kong's Causeway Bay fell 43% from 2019 to 2020, according to a Cushman and Wakefield report published in April. Find the perfect the king of kong still stock photo. The spaces formerly occupied by these high-end brands are being filled up by shops selling items ranging from phone gadgets to affordable women's wear, reported Bloomberg. Luxury labels that have since moved out of Russell Street include fashion label Prada, watch brands Rolex and Omega, and high-end lingerie label La Perla.
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