Milan Station seeks to relocate shops - The Standard

Milan Station seeks to relocate shops: Second-hand luxury handbag retailer Milan Station Holdings (1150) is look...

Second-hand luxury handbag retailer Milan Station Holdings (1150) is looking to relocate existing branches at new sites to hedge against inflated rents, chairman and chief executive Byron Yiu Kwan-tat said. "The lease on two of our shops in Hong Kong will expire this year and several others will have their leases up for renewal next year. We are looking to set up our stores in appropriate places," Yiu said. One store, of about 1,000 square feet, that was originally on Russell Street and for which a monthly rent of more than HK$1 million was being paid, has been relocated to a similar-sized site on Sharp Street East for a monthly rent of HK$400,000, said Yiu. ADVERTISEMENT "It was normal to see a five- to 10-fold increase in rents during the past two years, but rental hikes should ease this year because of more conservative spending by tourists," he added. To boost sales, M...

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