HONG KONG — Hennes & Mauritz is planning to shutter its first store here by the end of next year and move to another location as the city’s commercial rent prices skyrocket. Inditex’s Zara is expected to move into the location H&M is vacating.
H&M decided to move out of its location in the Central shopping district after it could not come to an agreement with the landlord, said a spokeswoman for the retailer. “To us, it’s not a big drama. In Hong Kong, it’s quite common to see shops switching places,” she said.
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