Sincere, Hong Kong’s first Chinese-owned department store, will close its flagship location in the central business district at the end of the year, marking the end of 126 years of retail presence in the area. The company announced on Sunday that the Central store will cease operations in early December after lease renewal negotiations with the landlord failed, with the current tenancy set to expire on December 31.

Following the closure, Sincere plans to begin reinstatement work on the premises to prepare for handover to the landlord. While the Central store will no longer operate, the company intends to explore opportunities for relocating to another site in Central or nearby Sheung Wan.

This development leaves the Mong Kok outlet at King Wah Centre as the only remaining physical department store for Sincere within the city. The retailer will continue to complement its physical retail presence with its e-commerce platform.

Sincere’s decision to close its Central store comes amid evolving retail trends and rising commercial rents in Hong Kong’s core shopping districts, challenges that have affected numerous long-established retailers in recent years.