Hong Kong’s retail landlords are caught in a tough spot—vacant storefronts are piling up, and struggling tenants are begging for rent cuts. But landlords can’t just slash prices without risking their own financial stability, from mortgage payments to property values. While some might call them stubborn, the reality is messier: it’s a balancing act with no easy wins. Retail sales finally saw a tiny uptick after over a year of decline, but the pressure isn’t letting up.

Editor’s Note: This isn’t just about landlords being inflexible—it’s a snapshot of Hong Kong’s shaky economic recovery. If shops keep closing, the city’s vibrant streets could hollow out further, but if landlords cave, they might trigger a wider property slump. Either way, small businesses and everyday shoppers feel the pinch.