Hong Kong

LANDLORDS on Hong Kong's Russell Street a year ago could boast the highest retail rents in the world. Now they are adjusting to a new reality.

Burberry Group plc, Kering SA and jewellery retailer Chow Tai Fook Jewellery Group Ltd are pushing landlords to lower rents on existing properties as luxury brands are scaling back amid plummeting sales. TAG Heuer closed its Russell Street store last week, citing high rents and declining traffic.