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Ryan Seychell's picture
#1

A dedicated thread might be able to make things a bit easier to keep track of:

 

 

THE STRAND

 

 

 

EMPORIUM:

 

 

 

H&M:

H&M to open first Australian store at Melbourne's iconic GPO

The world famous Swedish retailer H&M has selected Melbourne’s iconic GPO, operated by ISPT, as home for its first store in Australia. The new store will become H&M’s Australian flagship store and one of its biggest in the world occupying three floors and almost 5000m2 of the heritage listed GPO building. Sam Curry, retail asset manager at ISPT, said the arrival of H&M would be part of the revitalisation of Melbourne’s CBD retail precinct. “We are delighted to have this opportunity to introduce such a famous and highly anticipated international fashion retailer to the Australian market,” Mr Curry said. “The H&M flagship at GPO will truly differentiate the city of Melbourne as a retail destination benefiting shoppers and other retailers alike,” he added. Read More: http://ispt.net.au/news/announcements/hm-to-open-first-australian-store-...

 

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Mark Baljak's picture

AFR
More trouble for Emporium as Paul Smith exits
Leading British menswear brand Paul Smith is the latest high-profile retailer to ditch CFS Retail Property Trust’s $1.16 billion Emporium project in Lonsdale Street ­in Melbourne.

Consultants working for the British label at the Emporium site received notice on Wednesday that the brand had cancelled plans to move into the complex, industry sources say.

Paul Smith staff confirmed the group had pulled out of the development, which has suffered delays as a result of ongoing industrial action against builder Grocon.

“We had originally secured a contract where we were alongside other premium and luxury brands, and those moves aren’t happening any more, so the deal fell through,” a member of the group said.

Italian luxury retailers Gucci and Miu Miu dropped plans to join the complex in late November.

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Mark Baljak's picture

Emporium Melbourne opening delayed

LARRY SCHLESINGER

Emporium Melbourne landlord ­Colonial First State Retail Trust denies industry claims the $1.16 billion retail development has been held up again, insisting it will be finished by Easter.

CFS said Emporium would be finished before Easter but admitted some tenants would not begin trading until after this key shopping period.

The centre was intended to be finished and trading by the end of 2013, but CFS pushed back the opening to the 2014 first quarter.

CFS Retail fund manager Michael Gorman said Emporium Melbourne would be open to “take advantage of the Easter trading period”, but, he added, “there are some international tenants that will open after Easter to allow for their individual retailer timetables”.

CFS Retail appears to have closed ranks on the project. Melbourne Emporium leasing agents said they were not allowed to disclose what they were telling prospective tenants, referring questions to the landlord. Myer, which is due to take up 7000 square metres of the 46,000 square metre project, also declined to comment.

“We’re not allowed to talk to the media,” said one leasing agent.

The Australian Financial Review understands the loss of a number of key luxury tenants, including Miu Miu and Gucci, played a part in the staggered openings referred to by Mr Gorman, forcing some re-jigging of the store layout and individual fit-outs.

Up to eight international retailers will open their first Australian stores in Emporium Melbourne. CFS Retail has refused to provide a list of its confirmed tenants.

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Mark Baljak's picture

retail precinct

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Michael Berquez's picture

I don't understand why the didn't build up to the old facade and utilise the windows. Weird. Dissapointing.

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Ryan Seychell's picture

Emporium:

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Qantas743's picture

Not bad IMO.

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MelbourneGuy's picture

I like the juxtaposition of old and new there.

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Melbourne_Fragments's picture

given its clear glass its going to be very obvious from the outside that those facades are just facades

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Ryan Seychell's picture

Line was massive for the pop-up Uniqlo store on Swanston Street yesterday:

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Ryan Seychell's picture


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Mark Baljak's picture

Emporium Melbourne shopping centre aims to open in April

he city's largest shopping centre project, Emporium Melbourne, is preparing for an early April opening as landlord and developer Colonial First State Retail Trust vigorously denies there will be more delays.
After pushing back the Lonsdale Street centre's opening from last year, CFS has moved to quell industry speculation about new hold-ups, inviting Fairfax Media to see the final stages of building and fitout.
While one section of roof was still under construction, most floor coverings, balustrades and other fittings were complete and flagship tenant Japanese retailer Uniqlo was several weeks into its store fitout. The 3000-square-metre, four-level shop will be Uniqlo's first in Australia.
CFS development manager Daryl Stubbings said builder Grocon will finish work on the $1.6 billion project in March. On February 20, shop fitters will begin a longer-than-expected six-week fitout.
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''If you can't open in the lead-up to Christmas … the next logical window for opening, particularly from a fashion point of view, is that lead-up to Easter. We're on track,'' Mr Stubbings said.
''It's all about the delivery now in terms of the tenancy.''

Read more: http://www.theage.com.au/business/property/emporium-melbourne-shopping-c...

Werribee Plaza set for $370 million makeover

Werribee Plaza is to get a $370 million makeover that will add 35,000 square metres to the shopping centre, and get a new name.
The Alter family's Pacific Group of companies said construction on the plaza's long-awaited redevelopment would begin next month and include an upgraded two-storey, 12,500-square-metre Myer department store.
The Derrimut Road venue will be renamed Pacific Werribee. The upgrade will elevate the centre from a ''sub-regional'' to a ''regional'' space and add value to the Alter family's already significant holdings, which are estimated at just shy of $2 billion by BRW.
Pacific Group's Graham Terry said the revamp would cement Pacific Werribee as the lead shopping centre in Melbourne's rapidly growing west.
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GPT's Wholesale Shopping Centre Fund rolled out a $300 million expansion at Werribee's nearest competitor, Highpoint, in Maribyrnong, in March last year. The revamp includes a 10-bus terminal interchange.

Read more: http://www.theage.com.au/business/property/werribee-plaza-set-for-370-mi...

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Mark Baljak's picture

Melbourne suburban shopping strips rising from gloom
February 12, 2014

A shift to inner-city living and rising consumer confidence is boosting Melbourne's besieged suburban shopping streets.
Traders in prime shopping streets such as Bridge Road, Chapel Street and Toorak Road have suffered through one of the worst downturns in a decade, but new vacancy figures suggest the gloom is lifting.
Midway through 2013, the combined vacancy rate across Melbourne's major suburban shopping strips reached its highest level in a decade as tight-fisted consumers abandoned bricks and mortar stores for online offerings.
That resulted in almost one in six shops in the one-time discount fashion heartland of Bridge Road standing empty.
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Fresh figures from CBRE show that in the six months to January this year, the vacancy rate for 10 of Melbourne's most prominent streets fell by 1.15 per cent. Even Bridge Road's vacancy rate has fallen - from 15.18 per cent in June to 11.61 per cent in January.
The change was partly attributable to Melbourne's burgeoning apartment market, CBRE's Cam Taranto said. ''The increased residential population has resulted in better quality tenants in the strips,'' he said.

Read more: http://www.smh.com.au/business/property/melbourne-suburban-shopping-stri...

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Ryan Seychell's picture

Looks a lot better than I thought it would

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Laurence Dragomir's picture

The white alpolic infill panels between the coloured fins on The Strand have also started being installed.

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Ryan Seychell's picture

H&M well underway:

The Strand - actually looking pretty good from afar...

Emporium:

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Mark Baljak's picture

Demand rising for shop space in Melbourne CBD: Savills

LARRY SCHLESINGER
Inquiries for smaller retail space in the Melbourne central business district are up 30 per cent on the same time last year, just two months into 2014.

Savills research showed inquiry was mainly for smaller shops of between 30 and 500 square metres in retail strips from established tenants, those looking to relocate, others looking to expand, and new potential tenants to the CBD.

Economic factors such as inner-city population growth, low interest rates and a sustained increase in consumer spending as well as the influx of international retailers and new retail projects are ­driving the pick-up in demand, according to Savills Victorian director of retail, Michael Di Carlo.

H&M and Uniqlo are among the international brands soon to open stores in the Melbourne CBD with Colonial First State Retail Trust’s Emporium Melbourne project due to open in time for Easter.

Superannuation fund ISPT is undertaking a $20 million redevelopment of The Strand, a mall next to Emporium among other projects in the city centre.

“Inquiry is strong and, while it’s still early days, small local retailers are ­starting to do deals again, and it’s on the back of solid economic and demographic drivers. Retail turnover has been trending up for two years and more recently it has gained momentum with the latest figures confirming seven monthly rises in ­succession,” said Mr Di Carlo. In ­November last year, lord mayor of ­Melbourne Robert Doyle launched a new four year retail and hospitality ­strategy for the city in partnership with the Melbourne City Council and the state government.

Apart from encouraging more retail investment, it aims to encourage more late-night shopping, restaurant openings, new pop-up seasonal shops and greater free Wi-Fi access to boost city trading.

Based on Australia Bureau of Statistics and Melbourne City Council estimates of residential growth, employment growth, and increased visits from interstate and overseas, around 880,000 people come into the city and inner suburbs every day, up from 844,000 two years ago.

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Mark Baljak's picture

CFS faces tough Emporium challenge

LARRY SCHLESINGER
In less than six weeks and in time for the Easter rush, Colonial First State Retail Trust (CFS) says it will open its $1.2 billion Emporium Melbourne mall on Lonsdale Street in partnership with the Government of Singapore Investment Corporation (GIC).

Achieving a targeted return of 5 per cent on its $590 million investment in Emporium’s first year of trading will be a key ambition for the retail trust, which is likely to be led by Colonial First State Global property director Angus McNaughton, should internalisation of its management proceed as expected.

The five-level mall will bring a host of new international and local retail brands to the Melbourne central business district while also creating a ­contiguous consumer experience linking up the Myer and David Jones stores on Bourke Street Mall on the southern end with GPT’s $1 billion Melbourne Central mall on the northern side.

A challenging project to develop and build, CFS has battled through a $59.4 million write-down, delays in completion, union blockades, a softer retail environment, and the loss of some big-name tenants and will open with only 170 of the 220 stores fitted out initially.

POTENTIAL CHALLENGES
Another challenge could be tenants. According to some leasing agents, GPT and CFS could square off over ­tenants, with a number of existing Melbourne Central tenants signing up to lease space in Emporium Melbourne. Tenants who will have stores in both malls will be Kookai, Rhodes & Beckett, Karen Millen, Gorman, Alannah Hill, Rodd & Gunn, Sportscraft, MARCS, Seed, Witchery, David Lawrence, Oxford, Arthur Galan and Oroton.

A spokeswoman for Kookai said they believed the malls would attract “quite different markets and customers” but that they would be monitoring both stores to see how they trade. Kookai’s lease in Melbourne Central expires in 2015. “We’d like to keep both if possible,” she said. Jeweller Arthur Galan said he was also looking at keeping both stores. Other retailers with dual stores did not return phone calls.

Both Colonial First State and GPT said they believed the two malls would complement each other.

Carmel Hourigan, chief investment officer at GPT, told The Australian Financial Review: “We are really looking forward to Emporium opening. Combined, the two malls will create quite a strong shopping precinct. It gives ­people more of a reason to come and shop and makes for a very strong retail offering. There is capacity to have another strong centre and leverage off the opening of Melbourne Emporium,” Ms Hourigan said.

A spokesperson for Colonial First State said: “We think that both properties are complementary and will add to the many reasons so many people, both residents and visitors, shop in the Melbourne’s CBD.”

WAVE OF RETAILERS
CBRE Melbourne leasing agent ­Zelman Ainsworth said it was “interesting” that there were now going to be multiple fashion retailers with shops in both malls even though the centres are directly across the road from each other. “This close proximity of centres that share tenants is only seen in major cities in the US like New York, Los Angeles and Miami. But it is a new phenomenon for Melbourne,” he said.

Mr Ainsworth said the wave of international retailers coming to Melbourne in the last 24 months – some of whom will be in Emporium Melbourne – was adding momentum and sustainability to the market. CBRE is currently working with 40 international retailers ­looking to enter the market.

Savills head of research Tony Crabb said the malls appeared to target different markets, with Melbourne Central appealing more to students given its closeness to RMIT University while Emporium Melbourne would feed off from the more high-end destination retailers on Bourke Street Mall.

But, he said, both malls will have food courts, and both will have retailers that sell apparel, make-up and perfume. “Emporium Melbourne doesn’t have a cinema complex or a railway underneath or office tower above to generate foot traffic like Melbourne Central does. But being connected to Bourke Street Mall helps.That’s their draw,” Mr Crabb said.

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Peter Maltezos's picture

^^ "Achieving a targeted return of 5 per cent on its $590 million investment in Emporium’s first year of trading will be a key ambition for the retail trust."

LOL, Good luck.

I collect, therefore I am.
thecollectormm.com.au

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Mark Baljak's picture

Hermès to open second shop on Collins Street

LARRY SCHLESINGER
The flood of international brands into Melbourne’s central business district has continued, with ­luxury French brand Hermès signing a 10-year lease for its second store on Collins Street.

The high-end luxury retailer will occupy around 420 square metres over two levels at the former NAB building on the corner of Exhibition and Collins streets from June in a deal foreshadowed by The Australian Financial Review last monthy. ­Hermès already has a store at 115 Collins Street, near Russell Street.

Hermès and Dolce & Gabbana, which has a shop at 171 Collins Street, are understood to have paid between $3900 and $4750 per square metre on the strip between Exhibition and Swanston streets, with some sources reporting recent deals have charged at up to $5000 per square metre.

The lease of the 71 Collins Street premises to Hermès was ­facilitated by Ben Tremellen, Colliers International director of retail leasing, in conjunction with Alexander ­Robertson.

“This is the first time this space – the former NAB building – has been on the market in 76 years,” Mr Tremellen said. “The features and characteristics make it an ideal home for Hermès, which is one of the top four luxury retailers in Australia.

“A second wave of more than 15 international brands is set to hit Australian shores in 2015-16,” Mr Tremellen said.

“The Melbourne CBD, and Collins Street in ­particular, will be at the forefront of this growth.”

French luxury brand Dior will open its first stand-alone boutique in Melbourne’s Westin Hotel at 209 Collins Street in a space once occupied by rival couturier Chanel.

US computer giant Apple is ­seeking retail space on Collins Street between Elizabeth and Swanston streets.

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Mark Baljak's picture

Foreign brands soften the blow for Melbourne CBD retail

Soft retail conditions continue to haunt Melbourne's traders and landlords, pushing up the city's vacancy rate to its highest level in seven years.
A Knight Frank survey shows 3.9 per cent of CBD shops were vacant in February, compared with the long-term average of 2.9 per cent.

But while the overall vacancy rate went up, an influx of international brands such as H&M helped ease the pain for prime Collins and Bourke street real estate.
The Swedish fashion house said this week it would include an ''Australian collection'' when it opened its first concept store in Melbourne's GPO on April 5.

H&M will be swiftly followed by the launch of Colonial First State Retail Trust's massive Emporium development which is expected to open early next month.
Another prominent retailer, luxury French brand Hermes, will open its second store on Collins Street.

Read more: http://www.theage.com.au/business/property/foreign-brands-soften-the-blo...

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Mark Baljak's picture

Chadstone stage 38 & 40 out to tender

anyways

Chadstone Shopping Centre joins $1.4 billion turnover club

In a year dominated by redevelopment and corporate activity, the Chadstone Shopping Centre was again the leader of the pack in terms of turnover, in the Shopping Centre News 2014 Big Guns report.
The mall, owned by CFS Retail and the Gandel Group, reported the highest turnover of any centre in the country with $1.4 billion, ahead of Westfield Bondi Junction with $1 billion.
Michael Lloyd, SCN's publisher and retail industry expert, said they were the only centres in Australia to top $1 billion.
This comes as the big retail landlords all say that new leases are being signed at 6-8 per cent lower than existing tenants re-signing.
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But with the entry of international brands and landlords giving more space to food and leisure (such as cinemas and themed restaurants), rents are tipped to stabilise in coming years as demand for such space increases.
There is higher cash sales from food than specialty apparel sales in the current climate.
The Big Guns report - which covered 82 malls across the country bigger than 50,000 square metres, having taken out nine currently under redevelopment - said Chadstone's turnover was up 3 per cent on last year, while Westfield Bondi Junction showed a 4.7 per cent rise in sales.
Not including the nine centres under redevelopment, the remaining 82 Big Guns accounted for retail sales in 2013 of $40.26 billion, up 2.7 per cent on 2012
Compared with the tough 2012 year, Mr Lloyd said, the past 12 months was characterised by the entrant of new joint owners, all of whom had cash to help undertake redevelopment of shopping centres.

Read more: http://www.smh.com.au/business/chadstone-shopping-centre-joins-14-billio...

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Alastair Taylor's picture
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Mark Baljak's picture

AFR
Emporium Melbourne poised to open by Easter

The $1.2 billion Emporium Melbourne is set to open by Good Friday on April 18, with three-quarters of its tenants ready to trade in the CBD.

Insiders suggest the target date is April 16, although CFS Retail fund manager Michael Gorman is allowing for some flexibility by committing only to open in the “week before Easter”.

“As we get closer [to Easter], we’ll get more definitive,” Mr Gorman said at the Emporium building where ­workers were busy fitting out shops on Thursday.

CFS Retail has a half stake in the 48,000-square-metre retail extravaganza, alongside Singaporean sovereign fund GIC. The project involved rebuilding on the ­Lonsdale Street site occupied by the original Myer ­Emporium building. Only the heritage art deco-style facade has been retained. Grocon is delivering the project, which was delayed partly by industrial action.

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Ryan Seychell's picture

Emporium, Strand and GPO all still busy construction sites around 8:30pm last night. I must say inside that large glass building of Emporium did look pretty awesome. They were working up high on the glass as well, maybe getting ready to fit the screen?

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Ryan Seychell's picture

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