Russell Street retail rents diverge, leasing splits in March

New, renewed, and pre-committed leases show both rental increases and declines.

Retail leasing activity along Russell Street recorded mixed rental movements in March, with new, renewed, and pre-committed deals showing both increases and decreases in monthly rents, according to JLL.

A new chain pharmacy leased a ground-floor unit at 18 Russell Street for $250,000 per month, 7.4% below the previous lease.

Mannings pre-committed a ground-floor unit currently occupied by Brandy Melville at $700,000 per month, 16.7% above the prior tenancy.

Lukfook Jewellery renewed its lease at 8 Russell Street at $750,000 per month, 6.3% below the previous contract.

Hong Kong retail sales rose 19.3% year on year (YoY) in February, supported by inbound tourism during the Chinese New Year period, JLL said.

Footwear, allied products and clothing accessories led category growth, rising 71.9%.

Visitor arrivals reached 5.14 million in February, up 40.2% YoY. Mainland China arrivals increased 53.4% to 4,248,174.

For January to February 2026, total arrivals rose 18.4% YoY, with Europe, Africa and the Middle East up 33.7%, and Mainland China up 21.5%.

Harrow International School Hong Kong acquired the entire commercial building at 5 Lok Yi Street, Tuen Mun, for $122.0m, or $2,341 per sq ft, to expand its teaching facilities.