Mongolian yurts on a ferry pier may be a strange sight for Hong Kong commuters but they are a telling symbol of the city’s shifting retail landscape.
The yurts are the temporary home of Shanghai Tang, the luxury brand and Richemont subsidiary, which has just lost its 13-year-old flagship store in a downtown colonial building to Abercrombie & Fitch, the US fashion chain.
“We are inbetween stores. We have become the nomads of Central district,” says Raphael le Masne de Chermont, executive chairman of Shanghai Tang.
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