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Forever 21 to pull the shutters down on their flagship store at Hong Kong

US fashion retailer Forever 21 is retreating from its Causeway Bay flagship store next August after its lease ends, with American lingerie chain Victoria's Secret rumoured to be taking over the prime location. Forever 21 opened its second Hong Kong outlet in Mong Kok in September, occupying 19,000 sq ft at the Pakpolee Commercial Centre on Sai Yeung Choi Street. Industry sources said Victoria's Secret has signed a 10-year lease for Forever 21's current Causeway Bay location.

Rent at the six-story, 51,188-square- foot mega store at Capitol Centre on Jardine's Crescent currently stands at HK$13.8 million a month. Victoria's Secret will reportedly pay only about half that monthly amount - HK$7 million, or HK$17 per sq ft. The mall is connected to the Kwai Hing MTR station through a hooded bridge that also leads to the KCC office towers also owned by SHKP. The mall has already seen 70 percent of its floor area leased, according to SHKP's assistant general manager Dickman Ng Siu-wai.

That mall will become more upscale, catering to nearby private homeowners and working population. A total of 217 stores -- up from the previous 144--will comprise the mall's retail tenants list after renovation of the two phases is completed in 2018. 

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