U.S. clothing brand Abercrombie & Fitch will call time on its flagship store in Hong Kong two years before the end of its lease, which expires in 2019. The closure, announced Friday, is expected to be “substantially complete” by the second quarter of 2017 and will leave no remaining Abercrombie & Fitch-branded stores in Hong Kong. It follows the shuttering of some 50 U.S. stores in 2016 and a 14% decline in the company’s comparable sales from August to October compared with the same period last year. The announcement comes at an interesting time for Hong Kong’s retail landscape. A survey published by Bloomberg on Friday shows that commercial rents are dropping in some of the world’s premier shopping spots—with prices in Hong Kong’s Causeway Bay undergoing the biggest fall. Meanwhile, Abercrombie is paying HK$7 million ($0.9 million) in monthly rent for its store in the nearby Central district—reportedly double the rate of the previous tenant there, Shanghai Tang. The company says its decision will lead to a “lease termination charge” of approximately US$16 million in the next quarter. Read more at Fortune.