A big closure has been announced, with Hakkasan Shanghai closing its doors for good effective Monday April 13. Bund No. 3 and No. 18 were previously the two most popular buildings on the Bund. Faced with the expensive rents, the loss of tourists due to the epidemic, Hakkasan’s permanent closure is no doubt a warning sign. Moreover, the Studio Frantzen, which was expected to open on the Bund 5 in March, is now pending without further information.
Here is Hakkasan’s statement:
The impact of COVID-19 on our global operations has forced us to evaluate the viability of our venues and make a number of prudent yet difficult business decisions to reduce our footprint. To preserve the long-term stability of our business, we plan to permanently close Hakkasan Shanghai effective Monday April 13. This decision will enable us to reduce our portfolio and focus on the remaining venues. We remain committed to crafting remarkable experiences for our guests and look forward to welcoming them back to our other worldwide properties once they are safe to reopen.