Tsui Wah restaurant (翠華茶餐廳) seeks refuge in a nearby restaurant space to save HK$1.9 million monthly rent in Lan Kwai Fong
Market sources said that Tsui Wah restaurant pays monthly rent of HK$400,000 for Stanley Street 33, 6400 square feet shop at the beginning of this month. It may replace Tsui Wah’s 21-year old flag restaurant in Stanely Street.
Although the size of the new restaurant space is smaller, it can save Tsui Wah restaurant HK$22.8 million rent per year.
The quotation of lease in Stanely Street restaurant space is currently hailed at HK$1.8 million per month, around HK$281 per square foot.
Lan Kwai Fong’s sky-high property prices may no longer last amid a tough retail and restaurant environment and rising competition from other business area.
As Lacrucci mentioned in our previous Lan Kwai Fong posts, the famous tourist spot in Hong Kong has closed a number of large nightclubs, restaurants, and bars in recent year. More and more f&b operators are moving to Sheung Wan, Kennedy Town, and Sai Ying Pun instead.
Background of Tsui Wah restaurant (翠華茶餐廳)
Tsui Wah restaurant (翠華茶餐廳) is owned by its holding company Tsui Wah Group, which was listed four years ago in Hong Kong Stock Exchange (stock code:1314).
Tsui Wah Group earns its fame in repackaging Hong Kong style Cha Chaan Teng (港式茶餐廳) during the 1990s. It has developed a restaurant chain operating more than 63 outlets across Hong Kong, Macau and Mainland China.
The founders of Tsui Wah however, lost his passion for the venture and was reported to sell his stakes recently.
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