BRISBANE: Efforts to turn Edward Street into a luxury precinct appear to be paying dividends, with Hermes signing on to open in the area.
Aria Property International general manager investments, Michael Zaicek, revealed Hermes will unveil a retail store on Edward Street in Brisbane's CBD in the third quarter of 2010. The new store will cover 234 sqm across two floors, and will add to the three sites the French fashion house currently operates across Australia, Zaicek said.
Aria owns a total of four buildings on Edward Street and is currently engaged in a "deliberate strategy" to entice international luxury brands to the area, Zaicek revealed.
"It sets a precinct. It's helping to establish Brisbane as an international retailing destination.... When you get the really big names, the other brands tend to follow."
Part of the strategy includes overhauling the appearance of the company's Edward Street properties, Zaicek said.
"We're repositioning all of these buildings. As part of that, we are spending quite a bit of money in beautifying the footpath surrounds outside, and quite significant building upgrades. Then we'll be reconfiguring all of our stores along Edward and Elizabeth streets in a bid to attract similarly positioned high end international brands."
Zaicek said the upgrade plans are currently before Brisbane City Council and work will hopefully commence by March or April of 2010. Aria is also in discussions with "four or five" other Edward Street property owners with regard to the overhaul goals for the street, he said.
The aim of the redevelopment is not only to boost business but also to solve one of Brisbane's longstanding retail issues, Zaicek said.
"A lot of the big name international brands want to come to Brisbane but there's not a lot of sites that are suitable to them. A few of them have been circling for a few years. Hermes looked for four years for their Brisbane site, for example."
Collins Street in Melbourne and Castlereagh Street in Sydney are both examples of what Zaicek hopes Edward Street could be like.
"The Cartiers, Gucci, the Chanels - all these guys are looking for sites. That certainly gives you an indication of the kinds of tenants we've been talking to and the ones that we will seek to bring to the development next year."