Harvey Nichols is set to close its flagship store at the Landmark mall in Hong Kong early next year after nearly 20 years as Chinese and local spending falls.
The store has been open since 2005, but Harvey Nichols owner Dickson Concepts will give up its lease in March.
The five-storey 60,000 sq ft store is in one of Hong Kong’s busiest areas and the department store could be paying as much as US$1.57m a month for the store.
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The retailer will not exit Hong Kong altogether as it has another store in the city at Pacific Place which opened in 2011.
Dickson Poon, executive chairman of the Harvey Nichols owner Dickson Concepts, said that while Chinese tourists are still visiting Hong Kong, they are no longer as shopping-focused as they once were and weaker than expected spending during the two Golden Week holidays in May and October underlined this.
He said locals are increasingly travelling abroad during festive seasons, and this means there’s no longer a need to operate multiple large department stores relatively close to each other.
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