Abercrombie & Fitch to close Central flagship store
November 25, 2016 - Central
American apparel brand Abercrombie & Fitch (A&F) decided to end its lease in advance for the 4-storey giant shop at B/F – 2/F, 12 Pedder Street, Central, which is expected to close in July next year the latest.
A&F will therefore has to pay an agreement termination fee of USD 16 million (around HKD 125 million).
“The closure of Abercrombie & Fitch’s flagship retail store in Central, Hong Kong feels like déjà vu following Forever 21’s recent news of the closure of its Causeway Bay flagship store set for next year,” said Jack Chuang, partner, Greater China, OC&C Strategy Consultants.
Helen Mak, senior director and head of retail services at researcher Knight Frank, told The South China Morning Post that after 10 years of retail growth, Hong Kong had started to lose its appeal to mainland tourists as a premier shopping destination.
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