Latest news with #GrandOceanCinema
South China Morning Post
6 days ago
- Business
- South China Morning Post
Why can't Hong Kong retail landlords cut rents for struggling tenants?
In a commercial rental market beset by high vacancy rates, many Hong Kong landlords feel stuck between a rock and a hard place: giving tenants a break on rent makes it harder to pay mortgages and threatens asset value, but holding the line on rent runs the risk of driving tenants away. In this difficult environment, are landlords just being stubborn? It's complicated, according to agents and analysts. Retail sales in the city contracted for 14 straight months until May, when they expanded by 2.4 per cent to HK$31.3 billion (US$3.9 billion). The slump has wreaked havoc on retailers and brands, many of which have been forced to reduce their presence or exit the city altogether. Cinema operators and food and beverage operators were among the hardest hit. For example, Grand Ocean Cinema in Tsim Sha Tsui and Taipan Bakery, the inventor of so-called snow skin mooncakes, closed last month after 56 years and more than four decades, respectively. The vacancy rate in prime shopping centres hit a record high of 10.5 per cent at the end of June, as rents slipped 3.4 per cent in the first half of the year, according to JLL. High-street shops saw vacancy stabilising at 10.5 per cent, while rents dropped 2.3 per cent. With about 600,000 sq ft of new prime retail space scheduled for completion in the second half of the year, vacancy rates in prime shopping centres were likely to rise, dragging rents down by between 5 and 10 per cent this year, the property consultancy predicted.
The Standard
01-06-2025
- Entertainment
- The Standard
Last reel for Grand Ocean Cinema after 56 years of screening in Tsim Sha Tsui
Last reel for Grand Ocean Cinema after 56 years of screening in Tsim Sha Tsui
South China Morning Post
28-05-2025
- Entertainment
- South China Morning Post
Grand Ocean Cinema in Hong Kong's Tsim Sha Tsui set to shutter after 56 years
People take photos in the interior of Grand Ocean Cinema. Photo: Elson Li People take photos in the interior of Grand Ocean Cinema. Photo: Elson Li share
HKFP
22-05-2025
- Entertainment
- HKFP
Golden Harvest's Grand Ocean Cinema in Tsim Sha Tsui to shut down – 5th theatre closure this year
Hong Kong cinema chain Golden Harvest is shuttering its Tsim Sha Tsui location – the fifth theatre in the city to close its doors this year. Golden Harvest, which operates Grand Ocean Cinema on Canton Road near the Harbour City shopping mall, said in a statement on Wednesday that the theatre's last day of operations will be June 1 due to the end of its tenancy. 'Grand Ocean Cinema has been a landmark cinema in Tsim Sha Tsui, accompanying generations of movie fans and witnessing the passage of time through different eras of film,' it wrote in Chinese. Golden Harvest thanked cinemagoers for their support and said it apologised for the inconvenience caused. Opened in 1969, Grand Ocean Cinema – which has only one theatre house – is known for its giant screen. According to local media, the house once had over 1,700 seats, but the cinema downsized in the 1990s and now accommodates almost 460 people. The closure of Grand Ocean Cinema will leave the chain with five cinemas. They are located in Shau Kei Wan, Olympic, Kowloon Bay, Tai Po and Tuen Mun. Hong Kong has seen a string of cinema closures in recent years. Besides Grand Ocean Cinema, four theatres have also shuttered this year, including a cinema in Whampoa also run by Golden Harvest. The theatre shut in April, the same month that Newport Theatre in Mong Kok closed. In March, Sun Digital, a modern cinema that was part of the historic Cantonese opera venue Sunbeam Theatre, drew its curtains. Most recently, MCL Cinemas announced in May that it would shut its Grand Kornhill Cinema. Last year, nine local cinemas closed as overall box office receipts in Hong Kong showed the weakest performance since 2011, according to figures compiled by Hong Kong Box Office Limited.
South China Morning Post
21-05-2025
- Entertainment
- South China Morning Post
Hong Kong's Grand Ocean Cinema to close down after 56 years of making memories
The 56-year-old landmark Grand Ocean Cinema in Tsim Sha Tsui will lower its curtains for good on June 2 when the tenancy contract for its operator ends, marking the latest in a string of movie theatre closures in the city. Cinema chain operator Golden Harvest announced on Wednesday that the venue was shutting down, becoming the fourth of its movie theatres to close since April last year. The chain still operates five other locations. 'For nearly half a century of glorious history, Grand Ocean has been a landmark cinema in Tsim Sha Tsui, accompanying generations of movie fans and witnessing the passage of time through different eras of cinema,' the chain wrote on social media. 'Upon the expiry of the rental contract, Grand Ocean will officially cease operations from June 2, 2025, bringing an end to this beloved cinema … We look forward to seeing you again at other Golden Harvest cinemas!' Golden Harvest said the company would hold a 'blind-box' movie night on June 1 to mark the venue's last day, only hinting that the event would feature classic cinematic works. The final day will also see food and products going on offer for between HK$40 (US$5.11) and HK$65.
