Spanish fast-fashion label Mango has leased a 1,700-square-meter store in Hong Kong’s main shopping district Central, people familiar with the matter said, the latest in a string of global brands returning to the mall, lured by lower rents.

Mango’s new two-storey store will be located in the Asia Standard Tower on Queen’s Road Central, which has been largely empty since 2020 when its last long-term tenant, British brand Topshop, moved out, according to the people, who asked not to be identified and spoke about a private deal.

The new rent is about HK$1.2 million (US$154,000) a month, about 20 percent lower than pre-Covid levels and about 60 percent lower than the space’s peak rent recorded around 2014, one of the people said.

Mango, which currently operates a store in Hong Kong, and Asia Standard International Group Ltd., which owns the location, did not immediately respond to Bloomberg’s requests for comment.

The return of Mango, which has seen a sharp decline in Hong Kong in recent years, is the latest sign that global brands’ waning confidence in the city is coming to an end, helped by falling prices in what was once the world’s most expensive property market. While local businesses continue to suffer from a slow recovery in tourist numbers and residents’ increasing desire to travel and shop, major landlords in premium shopping districts are pinning their hopes on multinational brands to fill empty stores and shore up rents.

The city, which has relaxed visa rules to attract skilled workers, is seeing an influx of middle-class citizens from mainland China seeking to escape the country’s economic doldrums. The influx has helped boost local spending and revive Hong Kong’s appeal to global brands.

The new Mango store is located in one of the busiest areas of the Central District. Trendy brands like Lululemon are just across the street and a short walk from the Central-Mid-Levels escalator, a popular tourist attraction.

New World Development Co., controlled by the family of billionaire Henry Cheng, recently leased a 740-square-meter (8,000-square-foot) store in its luxury K11 Musea mall to Prada SpA, Bloomberg reported last month. Hongkong Land Holdings Ltd., the real estate arm of conglomerate Jardine Matheson Holdings Ltd., has teamed up with tenants including Hermès International SCA and Louis Vuitton to invest $1 billion to upgrade the developer’s premium Landmark shopping space in Central.

U.S.-listed sneaker brand On Holding AG recently opened its first store in Hong Kong in a trendy Central shopping mall owned by Henderson Land Development Co., the flagship developer of billionaire Lee Shau Kee’s family. Hysan Development Co. is revamping its Lee Gardens, a group of luxury malls in Causeway Bay where tenants such as Hermès, Chanel and Dior are expanding their stores.