Louis Vuitton, the world’s biggest luxury goods brand by sales, is preparing to shut one of its shops in Hong Kong where protests have hit demand as high rental costs bite, the South China Morning Post reported on Friday.

The handbag firm plans to close its store in the Times Square mall, the paper said, citing sources close to the matter. The company says on its website it has eight shops in Hong Kong.

The newspaper said the decision to close the shop came after the company failed to reach an agreement with its landlord to cut the rent in the mall outlet.

Wharf Holdings, the shopping centre’s owner and Vuitton did not immediately respond to requests for comment. Reuters