Luxury retailer to open store in Melbourne CBD
The retailer has leased a 430sqm store in the historic 167 Flinders Lane for 10 years in the retail precinct to accommodate its new CBD premises.
The menswear retailer follows in the footsteps of Chanel and Bang & Olufsen in being one of the first luxury sellers to set up shop on Flinders Lane, according to Ben Tremellen and Cam Taranto, Colliers International’s retail leasing specialists who negotiated the deal.
“Off the back of the successful trading of Harrolds at 101 Collins Street over the past five to 10 years, Masons will meet growing demand for luxury menswear from a desirable Melbourne location,” Tremellen said.
“International consumers used to account for around 70 per cent of luxury retail sales within Australia, however, over the past five years the local market has grown steadily,” he said.
“As the number of high net income earners in Australia has grown, alongside the country’s overall wealth, so too has the local appetite for high end fashion. The tables have turned and local consumers now account for around 70 per cent of luxury retail sales within Australia.”
Tremellen said many of the exclusive men’s brands already active in the Melbourne CBD market – the likes of Ermenegildo Zegna, Georgio Armani and Paul Smith – and others, such as Salvatore Ferragamo and Dior Homme, are currently looking for more space in the Melbourne CBD with a view to establishing standalone men’s stores.
“Australia’s maturing male demographic is becoming more fashion savvy,” he added.
Taranto said this increased demand was leading to a significant push from luxury brands for non-traditional addresses with enhanced street appeal, off Collins Street. He said rents on the southern side of Collins Street were now sitting close to $5,000/sqm, making it increasingly unattainable for many of the brands looking to enter the market.
“With more options now available in the Melbourne market, and the the likes of David Jones expanding further into the luxury market, all luxury brands entering the CBD market will need to take a closer look at what is sustainable in the long term,” he said
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