HONG KONG. Louis Vuitton is to proceed with the opening of its duplex store at Hong Kong International Airport later this year as planned, despite widespread media reports that the luxury house is to close its downtown Causeway Bay store due to the commercial fall-out from months of social unrest.
As reported, Airport Authority Hong Kong selected Louis Vuitton as one of two icon store retailers at the airport [along with Chanel] in what is among travel retail’s most high-profile shopping locations worldwide.
The opening is unaffected by the reported – but unconfirmed – closure of the LVMH brand’s store in the Times Square mall in Causeway Bay. On Friday (3 January), South China Morning Post said that the brand was planning to close the store as a result of the ongoing climate of anti-government protests in Hong Kong, which has seen tourism and retail revenues slump.
Citing sources “familiar with the matter”, the news outlet said Louis Vuitton had a request to lower the estimated HK$5 million (US$642,000) monthly rent on its prime second-floor space rejected by the mall’s owner, Wharf Real Estate Investment Corporation. The brand’s lease at the Causeway Bay store expires in June this year.
Louis Vuitton currently operates eight stores in Hong Kong, with the opening at the airport scheduled to become its ninth. As reported, the French luxury brand plans to offer a breathtaking showcase of its range, allure and heritage at the icon store, as the artist’s impressions on this page show.
Louis Vuitton will occupy the existing Chanel duplex store at Hong Kong International, which is currently trading well according to informed industry observers contacted by The Moodie Davitt Report [Chanel will move into the space currently occupied by Rolex].
Sources say that some of those who might normally be shopping in downtown Hong Kong have transferred their business to the airport, or to Mainland China, as a result of the protests.
