2025-02-21 28Hse Editor
Recently, another mainland Chinese restaurant brand has encountered difficulties operating in Hong Kong. Sources indicate that the ground floor of the New Mandarin Plaza in Tsim Sha Tsui East, rented last year by the mainland barbecue chain "Xita Laotaitai" for HK$300,000 per month, is now reportedly months behind on rent. The landlord is currently re-listing the property for HK$450,000 per month.
The ground floor shops A to C of New Mandarin Plaza, covering approximately 4,260 square feet, were leased by "Xita Laotaitai” in April last year and opened in September as its first Hong Kong branch. The shop faces the Tsim Sha Tsui East Fountain Garden and is near commercial buildings like the Tsim Sha Tsui Centre and East Ocean Centre, making it an ideal location in the area.
According to sources, the barbecue restaurant fell behind on rent just a few months after opening, with issues arising at the beginning of the year. Recently, the landlord, seeing no improvement, hired an agent to re-list the property at around HK$450,000 per month, about 50% higher than the previous rent.
With no new tenant yet, the barbecue restaurant continues to operate. The landlord is also considering a takeover lease, hoping to attract other dining businesses due to the relatively new décor.
"Xita Laotaitai" is a popular barbecue chain from the mainland, known for its Korean BBQ. Its dishes, including beef ribs and pork, are well-liked and reasonably priced. The brand has outlets in large malls in several mainland cities, including Shenzhen, and has gained recognition among Hong Kong residents who often travel north to shop and dine.
During renovations last year, signage outside the shop advertised it as the "Mainland Queuing King." The Hong Kong branch recently offered special set meals, such as a two-person lunch barbecue set priced at HK$199.
Historical data shows that the shop was previously leased by a tea restaurant for over 10 years, with peak rent reaching HK$550,000. During the pandemic, the monthly rent dropped to around HK$450,000, after which the BBQ restaurant took over at approximately HK$300,000, a 30% decrease.
After cross-border travel resumed last year, there was a wave of mainland dining brands entering Hong Kong, with beverage stores, hotpot restaurants, and skewer shops leasing prime retail locations. However, this trend has recently slowed, with some brands closing shortly after opening.
For example, the Jiangxi cuisine restaurant "Radish Southward" rented a ground floor shop in Dundas Square, Mong Kok for HK$250,000 per month in December last year, opened in February, but closed after just four months. The shop, covering around 1,745 square feet, is now re-listed for HK$250,000.
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