H&M joins growing list of big-name arrivals
On Thursday night Australian time the chain wrote on its Facebook and Twitter profiles: "We are happy to announce that we will open our first H&M store in Australia, in 2014! Stay tuned for more details."
It shows what a digital world we live in - in previous years a press release and even a news conference would have been the norm.
The next step is finding a location, with property owners scrambling to sign up the big brand. It is understood Colliers International is acting on behalf of H&M but no lease has been signed.
However, speculation is mounting that H&M is looking at the Esprit site in Pitt Street Mall, Sydney - if Esprit agrees to be relocated to Westfield Sydney - and the GPO building in Melbourne's Bourke Street Mall, owned by superannuation fund ISPT.
If that comes to pass, the Emporium in Melbourne, co-owned by CFS Retail Trust, may look at the popular Hollister brand owned by Abercrombie & Fitch.
With H&M confirmed and the success of Zara and Topshop, Sydney and Melbourne are now seen as essential destinations for other big names.
This has been helped by the development of flagship sites and malls in both cities in the past few years.
The Japanese chain Uniqlo has already signed a lease at Emporium and could be interested in the site at 383 George Street, Sydney, upon its redevelopment.
Retail analysts say the new-look shopping centres have led to a rise in leasing inquiries.
In the December 2012 quarter, 27 per cent of centre managers reported stronger inquiries compared with just 18 per cent in the September quarter, according to Jones Lang LaSalle.
The Australian head of property management at Jones Lang LaSalle, Richard Fennell, said the headline finding in the survey was that "more centre managers reported an improvement in tenant inquiry as opposed to weak inquiry".
Frequently Asked Questions about this Article…
H&M has announced it will open its first Australian store in 2014, posting the news on its Facebook and Twitter pages.
Speculation in the article points to prime retail sites: the Esprit site in Sydney's Pitt Street Mall (if Esprit relocates to Westfield Sydney) and the GPO building on Melbourne's Bourke Street Mall, though no lease has been signed yet.
The article says Colliers International is understood to be acting on behalf of H&M, but it also makes clear that no lease has been signed at the time of the report.
Yes — the article notes that the success of Zara and Topshop, plus H&M’s arrival, makes Sydney and Melbourne more attractive destinations for big international brands. Hollister (Abercrombie & Fitch) and Uniqlo are mentioned as active players around flagship sites.
The development of flagship sites and modern shopping centres in both cities has boosted their appeal, encouraging more leasing interest from major international retailers.
According to the article, Uniqlo has already signed a lease at Melbourne’s Emporium and could be interested in a redeveloped site at 383 George Street in Sydney.
Property owners are reported to be scrambling to sign up the big brand, and retail analysts say centre managers are seeing increased leasing inquiries following the arrival of international retailers.
Yes — Jones Lang LaSalle’s survey cited in the article found that in the December 2012 quarter, 27% of centre managers reported stronger inquiries, up from 18% in the September quarter. Richard Fennell of Jones Lang LaSalle noted more centre managers reported an improvement in tenant inquiry versus weak inquiry.
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