Sports and casualwear brand FILA has leased a 4,585-square-foot shop at Mira Place in Tsim Sha Tsui with monthly rent of HK$700,000, according to local media reports. 

The store, located on Nathan Road, is undergoing interior renovations.

By comparison, the same unit previously commanded HK$2.6 million at retail peak, and was later subleased to G2000 in 2019 at HK$1.5 million. 

G2000’s final renewal was around HK$1 million. 

The latest lease represents roughly a 30 percent drop from the previous rent, and a 70 percent decline from the peak.

FILA, which first entered Tsim Sha Tsui in 2015 with a 2,200-sq-ft shop at iSquare, has paused operations at that location. 

The landlord plans to split the iSquare unit for sublease, with one section reportedly leased by Japanese second-hand luxury bag retailer Brand Off for about HK$400,000 per month.

Separately, G2000 has pre-leased a 8,493-sq-ft property at Park Lane Shopper's Boulevard . The monthly rent is approximately HK$250,000, or HK$29 per square foot, allowing the retailer to expand its floor space while lowering rental costs.