Retail conditions remain challenging as rent bottoms out
Landlords asking for higher rental and other costs are rising, but business not back to normal yet for retailers
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When Mr Kevin Ngan renewed his restaurant leases last year, one landlord cut rent by 10 per cent, while rent for the other two units jumped by up to 25 per cent.
Mr Ngan, who runs Good Luck restaurant in Haji Lane, leases three units from different landlords along the same stretch in Kampong Glam. Rent forms about 35 per cent to 40 per cent of his operating expenditure, he noted.
