Why did big luxury brands abandon the Bund?

Why did big luxury brands abandon the Bund?
Hugo Boss was the first to go. Recently opened in the Jingan Kerry Centre, it became a neighbor with burberry. After that, Dolce & Gabbana moved away from the Bund No. 6. The Bund 18 also lost Patek philippe and boucheron.
Of course, the heaviest exit case was Giorgio Armani, who left the Bund 3, which had been in business for 10 years, in early 2013. This was Giorgio Armani's first store in China. At that time, luxury consumption in China was booming. It rented a floor area of ​​1,100 square meters.
However, not all luxury goods have been abandoned on the Bund.
Shiatzy chen moved to the Peninsula Hotel not far, and Patek Philippe moved to the Bund Source Club.
According to a responsible investment source from the Bund source, the Peninsula hotels are all dominated by luxury brands, while the Yifeng, which belongs to the Bund, has both catering and luxury goods. Both have occupancy rates above 95%. Compared with the old Bund, where the store brand is highly integrated and well-divided, the flagship store can be opened on the first floor, second floor or complex ground floor, and the rent is 30% or more cheaper than the Old Bund. The old Bund's rent is at least RMB 50/m2/day.
This is basically close to the first floor rental of the famous shopping mall on Nanjing West Road and Huaihai Road. The information the writer grasps is that the most expensive on the beach is still the Plaza 66, which is RMB 110/m2/day.
The old Bund is the so-called “National Architecture Expo Group”. After 2004, it was commonly known as the Bund number or certain number.
“Owners will actively attract investment, but they are not systematic. Only 2 brands can hardly persuade the luxury goods companies and they can't control the next side (building).” said Wang Mingshu, director of the consulting and agency service department of Knight Frank’s integrated project, the entire Bund The initial stage of development is relatively good, but all the buildings are developed separately, and the development team and the company are each their own. (Editor's note: that is, the problem of the second landlord, Huaihai Road is also experiencing the second landlord quotes puffed brand from Stores and outlets), the connection between buildings, location differentiation, parking spaces and other resources are shared. These plans have not been completed. The Bund has not yet been successfully transformed into a European commercial street and there is no feeling of luxury. The development of the Bund is in short supply. Many of its branches at Fifth Avenue and Oxford Street have been developed very well. The overall situation is very uniform.
It's all a catastrophe. Someone on the Bund took out the landlords as a quasi-state-owned enterprise. They leased their right of operation to independently developed landlords, and there was no special department responsible for unified management of investment promotion. It was difficult to communicate between single-family buildings and single buildings. The most obvious is that when you stroll around the Bund you see an office building and a customs office. The feeling of shopping is instantly extinguished.
The Bund investment attracts more attention. The road system is fragmented and the parking system is not broken. Luxury goods are really being put on hold. Wang Mingshu said that luxury goods are being held temporarily, and they are still researching small shops and large stores. For example, prada has opened a lot in iapm and Jing'an Kerry Centre. It hopes to give consumers a good experience. The style of goods should be uniform and the VIP function area should be good. This is why burberry, hugo boss and other brands are also very good at the department store business, but they have to come out to open independent stores in the Jingan Kerry Centre.
Lv has four stores in Shanghai, and other luxury goods have opened in Shanghai. This independent store-opening model combined with landmarks can only be consumed by luxury goods. Light luxury to open in the crowded shopping malls.
Anyway, due to the lack of retail atmosphere, retail mono-stores will gradually leave. Some retail brands on the Bund 18 are unlikely to renew their contracts.

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