Top-end luxury brand retailers have shown caution in expanding on the mainland since the outbreak of the global financial crisis, prompting landlords to offer unprecedented subsidies to retain tenants.
Beijing Intime Lotte Department Store is offering a subsidised lease to Gucci Group to enable the fashion house to pursue its expansion plans, sources say. Gucci was unavailable for comment.
He Yong, Intime's manager of investor relations, said yesterday: 'Gucci Group planned to open the shop in Intime Lotte Department Store by the end of last year. But the opening has been delayed to next month because of their own reasons and the global financial crisis.'
Mr He declined to comment on any subsidy.
South China Morning Post