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Written by: Zhang Jiamin and Wang Jieen
2021-03-22 12:59
Last update date: 2021-03-22 13:00
The new crown pneumonia epidemic has lasted for more than a year. The "mask shortage" that broke out in Hong Kong has disappeared. On the contrary, in the economic downturn, mask shops have become a market, not only occupying shops in various busy districts, but also entering the "world's most expensive" first-tier streets Russell Street.
According to the Statistics Department, the latest rental value of a shop on Sai Yeung Choi South Street in Mong Kok currently rented by a mask brand has fallen by 55% from last year; the rental value of a mask shop in the Golden Plaza in Causeway Bay has also fallen by 35%.
Some local mask brands are stationed in ground shops in downtown areas, renting shops in the form of short-term leases.
The person in charge said that under the epidemic, there are branches that can earn millions of dollars a month. Although there is still some rent pressure, "If it is not the epidemic, you will not be able to rent shops on Queen's Road or Haiphong Road to do business." He admitted that the mask market is fiercely competitive. , Will introduce a variety of anti-epidemic products and hope to become "anti-epidemic IT.
The shop on the ground floor of the Chinese Plaza in Central, originally a watch brand, is now rented by a mask brand.
(Photo by Luo Junhao)
In the Central District, where many famous stores were located in the past, there are two mask shops in the downtown area, one of which is located at 29 Queen's Road Central. The former tenant is watch shop SWATCH.
The shop is located at the junction of the crowded Tak Tak Lee Street and Queen's Road Central, next to the exit of the Central MTR station.
According to the Statistics Department, the latest rental value of the shop was 10.56 million yuan, a decrease of about 25% from last year's 14.04 million yuan.
Another mask brand "Good Mask" also rented the ground floor of the Central Hip Shing Hong Center on Des Voeux Road. The former tenant was "China Art".
The latest rental value of the shop was 8.16 million yuan, compared with 9.6 million yuan last year, a decrease of 15%.
Mask shop opens on Russell Street, Causeway Bay
There are also many mask shops in Causeway Bay. At the ground floor of the Golden Plaza, the former tenant is Lukfook Jewellery, and the mask shop "Good Mask" is currently renting.
According to the Statistics Department, the latest rental value of shops 1 to 2 on the ground floor of Golden Plaza was 10.02 million yuan, compared with 15.42 million yuan last year, a drop of 35%.
Another mask shop "Mask Lab" also leased a ground shop on Pak Sha Road. The rental value for the next year is 2.964 million yuan, down about 15% from last year's 3.48 million yuan.
As for Russell Street, which was once the most expensive street in the world, there are also mask shops. "Body Shielder" rented a shop that was formerly a pharmacy. The latest rental value was 6.72 million yuan last year, which was 7.92 million yuan, a drop of approximately 15%.
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There are already 5 mask shops in two streets
At the beginning of this month, reporters toured Mong Kok, and there were "a lot of shops" on the streets, but they often found mask shops. There are at least 5 mask shops on Sai Yeung Choi South Street and Argyle Street in just two streets.
The rental value of the former SWATCH shop fell by more than 55%
The former tenant of one of the shops was originally the watch shop SWATCH. The shop is located at the junction of Sai Yeung Choi South Street and Nelson Street, and is quite close to the MTR station, but the "Shop King" has now been rented by a mask shop.
According to the Statistics Department, the rental value of the shop last year was 7.56 million yuan, but the latest rental value was only 3.36 million yuan, a drop of 55%.
As for the mask shop on the ground floor of the New Mandarin Plaza, the latest rental value of the shop is 600,000 yuan, a drop of 40% from last year's 1.008 million yuan.
Further reading:
Rates reassessment | The world's most expensive rented Russell Street store is removed from the market
Rates revaluation|Mask shops occupy the core area of the industry: the peak period can make millions of dollars per month
Revaluation of Rates | Tenancy renewal for the old shop on Da Nan Street: the landlord wants to rent a coffee shop
"Mask Factory" is located at Sai Yeung Choi Street South, Mong Kok.
(Photo by Zhang Haowei)
Local mask brand expands physical stores in downtown
There are also many mask shops in the Tsim Sha Tsui area. Among them, "Mask Factory" opened its first physical store in October last year, and settled in Tsim Sha Tsui and Mong Kok in just six months. The newest branch is located in Central.
According to the Statistics Department, the latest rental value of its shop in Tsim Sha Tsui was 7.44 million yuan, a 30% drop from last year's 10.68 million yuan. The shop in Sai Yeung Choi South Street, Mong Kok, fell by about 20%.
"Mask Factory" founder Tang Jiahui said that the brand started on the Internet. When the "mask shortage" broke out last year, about 1.4 million people were waiting to buy online.
Although there has been a rush to buy masks when physical stores were opened last year, he believes that Hong Kong people always prefer physical stores to shop, and physical stores can “complement each other” with online shopping. When it comes to a mask, some colleagues will give their opinions." During the peak period, a branch made one million yuan a month.
Tang Jiahui, the founder of "Mask Factory", said that at most one branch made one million yuan a month.
(Photo by Ou Jiale)
"Mask Factory" chose to expand its branches in the busy city. He admitted that there is a certain rent pressure. Currently, the shop is rented in the form of short-term lease. The landlord will also increase the rent slightly when the lease is completed.
He took the Tsim Sha Tsui branch as an example. As soon as the lease was renewed, the rent was increased by 20% to 30%. "The rents in Hong Kong are extremely expensive. It is difficult to do ground-floor retail in Hong Kong. The only reason is that the rent is relatively low. And when the masks and anti-epidemic products in our region are hotter, there is a chance... If there is an epidemic, you will not be able to rent a shop on Queen's Road or Haiphong Road to do business."
Shops are rented in the form of short-term leases and still have to face the pressure of rent increases.
(Photo by Ou Jiale)
Looking forward to becoming an "IT for the epidemic prevention sector"
Faced with the saturation of the mask market, Tang Jiahui pointed out that competition is fierce, and in addition to selling self-made masks, the store also sells in cooperation with other mask brands; in addition, the store also sells other anti-epidemic products and has a dust-proof room for on-site production. , Can make an appointment to make custom masks.
Although the cost of adding a dust-proof room will increase by hundreds of thousands, Tang Jiahui points out that it is a special feature of the shop, and in fact, it also attracts many customers to experience custom masks.
For future development, he described "Mask Factory" as an "epidemic prevention department store", hoping to become an "epidemic prevention IT" and introduce a variety of epidemic prevention products; in the future, one-stop medical services such as video consultation and medical cards will be added. It will also have its first overseas franchise store in Tokyo, Japan in April.
Revaluation of Rates | Tenancy renewal for the old shop on Da Nan Street: the landlord wants to rent a coffee shop
Rates revaluation|Mask shops occupy the core area of the industry: the peak period can make millions of dollars per month
Rates reassessment | The world's most expensive rented Russell Street store is removed from the market
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