Forever 21 to Close Hong Kong Flagship

Forever 21 (Los Angeles) is planning to close its Hong Kong flagship, reports Women’s Wear Daily.

While the company has not officially made any announcements concerning or confirming the closure, it is expected to take place by or around the beginning of 2017.

The pending closure is being attributed to increased rents coupled with weakened tourism in the city.

The 50,000-square-foot flagship store opened in 2011, but earlier this year the retailer opened a 19,000-square-foot store nearby in Mong Kok, Hong Kong. The retailer plans to leave the smaller store open.