Hong Kong's Sincere department store to close historic Central branch after 126 years

Key facts

• Sincere, Hong Kong's first Chinese-owned department store, will close its Central branch in December.
• The store has operated for 126 years.
• Lease renewal talks with the landlord failed.
• The lease expires on December 31.
• Sincere is seeking a new location in Central or Sheung Wan.
• The Central store focuses on apparel and home appliances.

Hong Kong's historic Sincere department store will close its Central branch in December, marking the end of a 126-year retail presence in the city's business district. The closure comes after lease renewal negotiations with the landlord failed.

Sincere announced on Sunday that the flagship store, located in Li Po Chun Chambers on Des Voeux Road Central, would cease operations in early December as its tenancy expires on December 31. Notices indicating an end-of-tenancy clearance sale have been posted at the entrance.

The company stated it would seek a new location in Central or Sheung Wan. Following the closure, Sincere will be left with a single physical outlet in Mong Kok. The Central branch, which relocated to its current site in 2013, occupies one floor and primarily sells apparel with a small selection of home appliances.

Founded in 1900, Sincere is recognized as one of Hong Kong's oldest department stores and a pioneer in fixed pricing and employing female sales staff. Its historic flagship moved in 1917 to Des Voeux Road Central, a building notable for housing the city's first elevator. The brand was later known as one of the "four great Chinese department stores."

The space at Li Po Chun Building, approximately 12,082 square feet, was leased by Sincere in 2013 for HKD 1.22 million per month. In mid-2016, Sincere secured a six-month early lease renewal with a 26.2% rent reduction, bringing the monthly rent to HKD 900,000. It is understood that a new tenant, reportedly the local cosmetics retailer Longfeng Group, has signed a new lease for the space nearly ten months in advance, set to move in starting January next year, with an estimated monthly rent of HKD 800,000.