Hong Kong: TAG Heuer shuts down – Zenith & Hublot new stores

TAG Heuer is shutting a store in Hong Kong as high rental costs and declining numbers of customers weigh on profitability, according to the head of LVMH’s watchmaking activities.

The brand has decided to close a store on Russell Street, one of the island city’s main shopping thoroughfares, Jean-Claude Biver said Monday. “Traffic has diminished and rents have stayed high,” he said by e-mail.

Still, Hublot and Zenith may open two stores in Hong Kong next year as demand for those LVMH watch brands warrants expansion, Biver said. Those watchmakers currently have two stores each in Hong Kong. “In total we foresee one or two openings for Hublot in the coming 24 months, and one, eventually two, for Zenith,” Biver said.

TAG-Heuer boutique