126-year-old Hong Kong department store will be down to its last branch after lease talks fail
Sincere, Hong Kong's first Chinese-owned department store, will close its Central branch in early December after failing to renew the lease, leaving the 126-year-old retailer with a single department store in Mong Kok.
Sincere, Hong Kong's first Chinese-owned department store, will close its Central branch in early December after failing to renew the lease, leaving the 126-year-old retailer with a single department store in Mong Kok.
- Verified destination updates for international visitors
- Real-time practical travel and transport details
- Book airport transfers and eSIM in advance for a smooth trip in Vietnam.
The Sincere Company said in a stock exchange filing early this month that it had wanted to renew the lease on the ground-floor store at 189 Des Voeux Road Central, which expires on Dec. 31, but could not reach an agreement with the landlord.
Sincere said it is still looking for a site in Central or Sheung Wan for a new department store but has not found suitable premises.
Until then, its department store business will run from a four-story shop at King Wah Center on Nathan Road in Mong Kok and an online store. The group also sells outdoor sportswear through two outlets in Tin Shui Wai and Wong Tai Sin.
Directors expect the closure to reduce overall sales but said operating losses may narrow as rent and other overheads fall.
Book airport transfers and eSIM in advance for a smooth trip in Vietnam.
Source reference: VnExpress International