Marks and Spencer (M&S) will close its outlet in Sha Tin New Town Plaza next month as the landlord has refused to renew the tenancy of the British multinational retailer, Apple Daily reported.
There is some speculation that the premises will be offered to Apple Inc. to enable the tech giant to open another of its famed stores, the report said.
M&S opened its outlet in New Town Plaza in 1994, initially leasing space on the third floor before moving later to the fourth floor of the mall.
At one time, the Sha Tin store was said to have been one of the British firm’s most profitable outlets in Hong Kong.
Now, it is being forced to exit the mall due to lease renewal issues.
A group spokesperson declined to comment when asked whether the store closure is due to rent hike problems, the report said.
According to the report, staff of the New Town Plaza store won’t face any retrenchment as the retailer plans to transfer them to its other stores in the city.
There are said to be 66 people currently working at the Sha Tin outlet.
Meanwhile, the store inventory will also be moved to nearby outlets. So, there won’t be any removal sale.
Despite the setback at Sha Tin New Town Plaza, M&S plans to continue to expand its operations in Hong Kong, with the store number seen at 24 by the end of this year.
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