Trading Places

DT

Perhaps it’s just the seasonal pruning, but change is afoot in the art world. Evidence is often seen in real estate transactions, particularly for the retail market. The Pedder Building— home to the some of Hong Kong’s top-tier galleries, including Hanart TZ Gallery, Pearl Lam Galleries and Lehmann Maupin—in the city’s Central district will soon lose its biggest tenant: Abercrombie & Fitch. The US fashion staple, which primarily caters to hormonal teenagers, has been paying just under USD 1 million a month in rent for its 2,400-square-meter space. Because of poor sales, the company has decided to throw in the towel and will terminate its lease two years early. But the question remains: who will shell out for this prime storefront? There are murmurs that Gagosian, which occupies the entire…

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ArtAsiaPacific (Digital) - 1 Issue, Mar/Apr 2017

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