When rents skyrocket, adapt & make a statement
What do you do if prohibitive rent prices hold you back from opening a store? You open a pop-up. And what do you do when your landlords increase your rent by 250% to HK$7 million per month (US$900k per month) to let the likes of Abercrombie & Fitch in? You open a pop-up that makes a statement. At least that's what Shanghai Tang will be doing once they vacate their flagship store on Pedder Street on October 23rd, 17 years after they moved in. For a huge fraction of the cost and a lot of public exposure, they'll move their luxury goods into a Mongolian themed pop-up space on top of the Central Ferry Piers between November 5th and December 31st. It's a brilliant way to use an underutilized space, get a lot of publicity, and make a statement that says, "f*** you" to their former landlords.