Five Guys closed 3 Hong Kong stores in 6 months — even $99 set meals couldn't pay the rent

Five Guys, the American fast-casual burger chain, expanded aggressively in Hong Kong, reaching 9 stores at its peak. In just 6 months, it lost 3 of them. The North Point location closed in December 2025. The Causeway Bay flagship on Russell Street — opened in August 2021 — shut in May 2026. The Tsuen Wan Citywalk store followed around July 2026, leaving the chain with 6 remaining locations.

The closures were notable for the pricing strategy Five Guys attempted to reverse its fortunes. A burger-and-fries combo normally cost over HK$200. In 2025, the chain launched its first-ever discounted set meal at $130, then cut it further to $99 — more than a 50% markdown. The Causeway Bay store alone had an estimated monthly rent of $500,000, meaning it needed to sell more than 5,000 of the discounted sets every month just to cover rent, before food, labour, or utilities were even considered.

Five Guys was one of several international fast-food chains that expanded into Hong Kong in the late 2010s and early 2020s, drawn by the city's reputation as a dining destination and its high disposable incomes. The post-pandemic restaurant market has been squeezed by rising rents, labour shortages, and a shift in consumer spending toward mainland China (北上消費). Even a globally recognised brand with a deep-pocketed parent has not been immune.

The chain still operates 6 stores in Hong Kong — Central, Wanchai, K11 MUSEA, Festival Walk, APM, and Olympian City — but the contraction shows that even a beloved international brand faces the same economics as every other operator in the city.