Chadstone achieves $2 billion sales milestone

ChadstoneVicinity-owned regional shopping centre Chadstone has achieved, for the first time, annual sales of more than $2 billion in a 12-month period.

The milestone has again put Chadstone among the top five best-performing shopping centres in the world by sales.

Grant Kelley, Vicinity Centres CEO and managing director, said the centre’s success was a credit to the visionary role of John Gandel who fashioned Chadstone into a world-class retail destination and created the benchmark for Australia’s premium shopping experience, which now attracts more than 23 million visitors every year.

“The $2 billion milestone is an opportunity to reflect on the rich history of Chadstone and the important role it has played in Melbourne’s shopping past and present,” Kelley said.

“We acknowledge the ongoing support of our customers, both locally and internationally, and our retailers,” he added. “We know retail is a dynamic, cyclical business and the success of Chadstone could not have happened without the dedication and innovation of our retailers and their teams.”

Kelley said they know consumer expectations are always changing, so their focus has been about continuing to reinvest and evolve Chadstone to create shared value for our customers, retailers and investors.”

According to Vicinity Centres, Chadstone’s growth and evolution continues. Following a $660 million major redevelopment in 2016, the $130 million, 250-room Chadstone hotel is expected to open late 2019. Stage 43 includes a new food atrium and Australia’s first full-range Victoria’s Secret store. Other projects include the $17 million West Piazza redevelopment including visitor lounge and more luxury retailers in time for Christmas.

Kelley said fashion remained a drawcard for Chadstone’s customers stating 40 per cent of this year’s sales was in the fashion category.

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