The fifth wave of the epidemic broke out, and the epidemic prevention measures will be maintained until mid-April. Many catering industries have decided to stop losses first, reduce branches or suspend operations across the board.
Among them, the ground floor shop on Chung On Street, Tsuen Wan, leased by Tsui Wah (1314) for more than ten years, gave up the lease renewal last month.
The shop is located at Nos. 31 and 33, G/F, Qiu Yun Building, 25-33 Chung On Street, Tsuen Wan, with an area of about 2,700 square feet. It has been leased by Tsui Wah Restaurant since 2010. The lease term expires at the end of February this year, but Tsui Wah decided not to Renew the lease.
In fact, when the first wave of the epidemic broke out in April 2020, the above-mentioned Tsui Wah restaurant was also closed.
The fifth wave broke out at the beginning of this year, and the branch has not opened since the Chinese New Year.
It is understood that the initial monthly rent of Tsui Wah renting the above-mentioned shops is 300,000 yuan. Until the closing of the business last month, the rent is about 480,000 yuan, and the square foot lease is about 178 yuan.
It is known that the shop was recently rented out at about 395,000 yuan per month, or about 146 yuan per square foot. The new tenant is also in the catering industry, and the new rent dropped by 85,000 yuan, or about 17.7%, compared with the old one in Tsui Wah.
Tsui Wah Zhong An Street Branch used to provide 24-hour business service.
12 remaining brick-and-mortar stores, Ngau Tau Kok headquarters closed at the end of last year
During the epidemic in the past two years, Cuihua has abandoned many branches first. The peak period is 12 in 2020, and the abandonment is concentrated in the ground stores in tourist consumption areas such as Yau Tsim Mong and Causeway Bay.
The more eye-catching is the 4-storey flagship store on Wellington Street in Central and adjacent to Lan Kwai Fong. It has been leased since 1998, with a monthly rent of 2.3 million yuan at the peak period, but it has been abandoned and moved out in March 2020.
In addition, Tsui Wah's two-storey former headquarters at No. 50 Lai Yip Street near MTR Ngau Tau Kok Station was also closed in December last year; in addition, the low-level ground floor shop of Ganghui Center, 108 Old Street, Aberdeen, also closed in May last year , The shop area is about 4,000 square feet, and the monthly lease is about 185,000 yuan before closing.
According to information, Tsui Wah currently has about 12 brick-and-mortar stores (among which the Chek Lap Kok store is undergoing long-term renovation), most of which are located in shopping malls, with only one street store left in Shau Kei Wan and one each in Causeway Bay.
At the beginning of this year, Tsui Wah announced the official launch of its own food delivery brand “Kui Cui Delivery” website, hoping to attract customers of different age groups. The group is constantly expanding the “Kai Cui Delivery” delivery service.
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The former Tsui Wah Central flagship store was vacant for 14 months and was leased for 450,000 yuan from Tan Zai San Ge’s rice noodle. Two floors of Tsui Wah Li Yuankang’s wife sold for 65 million yuan. The shop has received 450,000 rent for the tea restaurant, and the rent dropped by one million. Wanqi