Luxury retailer secures new space on Exhibition Street
Luxury watch retailer secures new space on Exhibition Street
| 25 July 2019
Luxury watch retailer Monards has secured 430sqm of retail space at the foot of SALTA Property Group’s 63 Exhibition Street.
The institutional luxury watches and jewellery retailer has been the top luxury retailer in Australia for decades, with its flagship boutique located at the entrance of 101 Collins Street for over 20 years.
Mr Ainsworth commented that the deal is the first in what is expected to be the latest retail trend in the Melbourne CBD, with luxury retailers exploring leaseholds beyond the CBD’s traditional luxury retail pockets.
Collins Street, between Swanston Street and Spring Street, has traditionally been the luxury retail pocket – bookended by Dior on the corner of Swanston Street and Collins Street and Giorgio Armani and Ermenegildo Zegna at the entrance of Collins Street.
Mr Ainsworth explained that these boundaries were slowly starting to shift, with Chanel leasing an entire building on the corner of Flinders Lane and Russell Street – opening the door for other luxury retailers to consider alternative locations to the CBD’s historic luxury retail pocket.
“As luxury retailer demand continues to outpace supply, retailers are looking for alternative locations to house flagship stores, with locations on Russell Street and Exhibition Street being obvious choices,” Mr Ainsworth said.
“With Russell Street and now Exhibition Street attracting interest from the world’s largest retailers, landlords are considering ways to position their real estate to attract top retailers to their buildings.”
Gucci and Louis Vuitton, both located on the corner of Collins Street and Russell Street, have recently refurbished their flagship stores and increased frontage onto Russell Street.
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