British luxury fashion house Burberry is the latest luxury brand to withdraw from Hong Kong’s famous shopping street Canton Road.
The closure of the three-storey store came after Burberry shut its prominent Russell Street flagship last year, highlighting its struggles in a market still heavily impacted by Covid-19 restrictions.
Canton Road is known as a hub for luxury brands and is home to the giant Harbour City shopping mall. The street was a common destination for Mainland tourists before the advent of Covid-19 and the closure of the border with the mainland. The Burberry Canton Road flagship opened in 2011 and was reported by WWD to have a monthly rent of USD 1.12 million.
The luxury retailer currently has 10 stores across the territory.
Prior to Burberry, several luxury brands shut stores along the Canton Road retail strip due to the lack of tourists including Valentino, Tiffany & Co, and Coach. Earlier this year, Hong Kong introduced its strictest Covid-19 measures due to the spread of the Omicron variant, resulting in widespread retail and foodservice closures.