Luxury items are flying off the shelves at shopping centres across the country, with Chadstone in Melbourne’s south-east the star performer.
Luxury bags, shoes, clothing and jewellery are flying off the shelves at malls across the country even as rising interest rates hit consumer spending on more mundane items, with the mega Chadstone mall in Melbourne’s south-east the star performer.
Vicinity’s recently appointed chief executive Peter Huddle said the investment in the luxury segment at Chadstone, which now boasted more than 40 upmarket brands, by the landlord and its tenants had paid off, and there were plans to extend to the offerings. ‘Our growth in luxury is the result of our deliberate investment strategy to enhance our luxury landlord credentials.’“Our growth in luxury is the result of our deliberate investment strategy to enhance our luxury landlord credentials,” Huddle said.
Many well-known brands such as Hermes, LVMH, Cartier and Chanel have invested in opening larger stores with more offerings from handbags to apparel and accessories. Rader said it highlights the growing appetite for these luxury brands by consumers, both domestically and from overseas visitors.“The growing emphasis on these establishments within our CBD brings a new level of quality and activity back to the city after a difficult few years and now represents 23.4 per cent of our street-fronted shops within our prime retail core,” she said.
But Vicinity CEO Peter Huddle warned that “whilst guidance has been upgraded, the full-year result may be impacted by a fall in consumer confidence on the back of ongoing interest rate rises.”
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