Adidas has closed its Queens Road store in Hong Kong’s Central district, but will continue with its other stores and retail distributors in the territory.
According to the South China Morning Post, the sports apparel brand leased the 13,000sqft space at 36 Queens Road for HKD52.1 million (US$6.7 million) a year in 2015. The store fitout was demolished yesterday.
The closure is the latest in a series of high-profile brand flagships to depart high-rent retail precincts during the last year. In July, Lush closed its Central flagship, Topshop withdrew from Hong Kong, followed by cosmetics retailer NYX the following month. Prada and Victoria’s Secret closed their high-profile stores in Causeway Bay and Gap closed in Tsim Sha Tsui, across the harbour.
Hong Kong retail sales declined for two years prior to a minor recovery early this year, impacted first by a decline in inbound visitors during social unrest, and then by border closures following the arrival of Covid-19 pandemic in March last year.
“After a thorough review we have decided to close the Adidas Brand Center on Queen’s Road,” the company said on Wednesday, in a statement published by the SCMP. “We continue to have a strong presence in Hong Kong, with more than 20 Adidas stores and multiple franchise stores.”