Prince Jewellery & Watch lost its flagship after 21 years — the landlord doubled the rent

Prince Jewellery & Watch (太子珠寶鐘錶), a Hong Kong jewellery and watch retailer founded by Tang Kui Ming, closed its flagship store at 58 Russell Street, Causeway Bay in April 2025 after a 21-year tenancy. The 7,300 sq ft multi-level store had been a fixture on one of the world's most expensive retail streets since 2004.

The closure was driven by a sharp rent hike. The original monthly rent had cycled through Hong Kong's retail boom and bust: peaking above HK$3 million in 2011 during the golden age of Chinese tourist spending, then falling to around HK$800,000 after the pandemic. Most recently the rent was approximately HK$1.1 million — and the landlord proposed raising it to HK$2 million. Chairman Tang Kui Ming confirmed the decision was purely financial: 'Because of the rent issue, the numbers don't work.'

The closure leaves the company with zero stores in Causeway Bay, which Tang described as a 'vacuum period' of one to two months. The group is actively searching for a new location in the district. The store's departure is emblematic of broader pressure on Hong Kong's luxury retail sector, where high rents persist even as changing consumer habits — including the rise of cross-border shopping in mainland China — reduce foot traffic.