Media365
Hing Kee Java Edible Bird’s Nest (JEBN), known locally as “Lau Soeng” – Cantonese for “upstairs” – built its business by avoiding expensive street-front rents and operating from higher floors. It is now doing the opposite.
“After the pandemic, the retail market has been weak,” said Wallace Chong, marketing director and partner at JEBN. “There are fewer tourists and local consumers are more cautious, so we have to make some changes.”
Next week, the retailer of bird’s nest, cordyceps and other Chinese health foods will open another ground-floor outlet in Tsim Sha Tsui, part of a broader shift as the city’s retail market adjusts to lower rents and weaker demand.
For much of the past two decades, “upstairs shops” were a defining feature of Hong Kong’s retail landscape. By giving up street visibility, businesses could cut rental costs and offer lower prices, relying on loyal customers rather than passing foot traffic. That calculation has changed.
JEBN’s new store at East Ocean Centre on Granville Road spans about 3,000 sq ft and will rent for roughly HK$200,000 (US$25,500) a month, according to market sources. Bank of East Asia paid about HK$388,700 for the same space in 2013 before handing it back to the landlord, now OCBC Wing Hang Bank, highlighting how sharply rents have reset from their peak.
