Highpoint scheduled March opening for Zara and Topshop double-act
Melbourne shopaholics, get your credit cards out and brace yourselves.
Shoppping centre developer GPT will score a retailing first when it opens both a Zara and Topshop in the new wing of its $300 million redevelopment of the Highpoint Shopping Centre in Maribynong, in less than a month.
It will be the first time in Australia that a shopping centre offers both global fashion brands under one roof.
The arrival of the two global retail brands to Melbourne's inner west comes as Colliers International forecast overseas brands to open around 300 new stores in Australia's capital cities over the next few years, with fashion heavyweights Uniqlo, Zara and Topshop leading the charge.
The new Zara Highpoint store wil act as a cornerstone to connect the new Highpoint wing with the existing centre.
“We’re very pleased to be welcoming Zara to Highpoint and delighted to be the first Australian shopping centre owner to offer customers convenient access to international fashion giants Zara and Topshop under the one roof,” says GPT’s head of asset management Matthew Faddy
Zara forms part of Spanish retail company INDITEX and has over 1,700 stores across 85 markets.
It currently operates a store on the Bourke Street mall in Melbourne.
The first Topshop store in Melbourne opened in the Jam Factory on Chapel Street in the space that was previously occupied by Borders books.
Topshop is UK-based and was started by retailing billionaire Sir Philip Green.
A third Topshop store is due to open in the Myer Emporium currently under construction in the Melbourne CBD.
The new wing will officially open on 14 March with Topshop opening on the same day and Zara opening either on the same day or shortly after
“The second stage of the development will deliver a 14,000 square metre, two-level David Jones store, the first to Melbourne’s West, and approximately 80 new speciality retailers including Australian and international designer fashion, homewares and lifestyle stores. Zara will make an exciting addition to this mix,” says GPT’s head of development Anthony McNulty.
“Once completed Highpoint will be home to more than 520 retailers, feature new community spaces and accommodate 7,000 car spaces.”
The new Highpoint Fashion Mall, the final stage of the centre’s development, will complement the Fresh Food Market and Eco Mall which opened last year. The Fresh Food Market and Eco Mall opened in October last year and features a Woolworths supermarket plus a range of speciality fresh food, children’s wear, services and general merchandise retailers
Highpoint Shopping Centre is co-owned by Highpoint Property Group, GPT Wholesale Shopping Centre Fund and The GPT Group.
It is valued at $845 million as of December 31.
Commercial property is a serious business.
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Those who take the time to do some research before tossing a few hundred thousand at an investment property tend to focus on demand, with scant regard for the flipside of the growth equation.