MAKING CHANGES: New World Development Company Limited, one of Hong Kong’s largest developers, will terminate its lease with Japanese department store Sogo at its underground Tsim Sha Tsui location. New World Development said it plans to redevelop the site but declined to provide further details.
Sogo will vacate the location in two stages, on or before December 1, 2012, and February 15, 2014.
Sogo has occupied the Tsim Sha Tsui property since 2005. The property, which features a distinctive glass entrance, has seen little foot traffic. Though the property is on the waterfront, it’s isolated from other stores and most visitors can only access the site through underground walkways.
The underground shopping mall is next to the former New World Centre, also owned by New World Development, which was demolished and is currently an open construction site.