We are seeing a large number of new international retail shops attracted to our thriving CBD.
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An enterprising hub of 4000 businesses, Brisbane city has eight major retail centres, 1000 local and international retailers, more than 200 thriving restaurants and bars and the state’s largest collection of flagship stores.
But our Edward Street and Queen Street Mall precincts are the jewels in our shopping crown, providing enormous economic value to the city of Brisbane.
These precincts boast luxurious brands including Hermes, Gucci, Chanel, Tiffany & Co., Georg Jensen, Louis Vuitton, and Longchamp. And we are seeing a string of new retailers and developments lately. For example Swiss avant-garde accessory brand TAG Heuer recently arrived in Edward Street in October.
Italian fashion label Max Mara has moved in next to Italian luxury menswear brand Ermenegildo Zegna on Edward Street, along with international luxury footwear brand Beautifeel also recently opening.
Iconic London high-street fashion chain TopShop is set to open the doors of its largest Australian store in December and fast-fashion apparel retail giant Forever 21 is opening its first Australian store in mid-2014. French jeweller Cartier is also set to open in Edward Street in 2014.
The strategic decision for these retailers to move in is another feather in the cap of Brisbane’s ever-expanding luxury brand market. This influx of new high-end retailers cements our reputation as a New World City and demonstrates the confidence international brands have in the Brisbane retail sector.
It’s a good sign for Brisbane’s economy with the luxury brand market appealing to local residents, but also a drawcard for international tourists particularly from Asian markets.
Several more fast fashion retailers have expressed interest in securing prime Brisbane CBD space, including iconic British luxury brand Burberry, French luxury goods brand Dior, and Japanese fast-fashion giant Uniqlo to name a few. We also understand the Spanish fashion retailer ZARA is assessing several locations in the Queen Street Mall.
With all this demand, it’s no wonder that the Queen Street Mall has one of the lowest retail vacancy rates in the country (at 1.9%). This mall is clearly the most successful outdoor mall in Australia.
At the heart of the CBD’s success has been its continued reinvention and redevelopment. We must continue to nurture, protect, grow and adapt to the changing needs of Edward Street, the Queen Street Mall and indeed the greater CBD.