Department store David Jones has unveiled a new format store set to launch next year.
According to a statement released today, the retailer will open a new village format store, measuring 7,522 square metres, at Malvern Central Shopping Centre in Victoria in mid 2013.
The plan follows David Jones' entry into an agreement for lease with AMP Capital Shopping Centres, on behalf of centre owner, UniSuper.
The David Jones village format store, described by David Jones CEO Paul Zahra as “another step forward in the company's future strategic direction plan outlined in March 21, 2012”, also follows the group's successful Claremont Quarter (WA) store, which relaunched last year.
The new David Jones outlet is expected to occupy the area Target currently utilises on the ground floor and will be part of a centrer-wide transformation which will also see the introduction of new fashion specialty stores and a design upgrade.
“We are delighted to be making progress in the implementation of our new village format stores as outlined in our future strategic direction plan,” Zahra said.
“Our village format stores are a natural extension of our core business and enable us to leverage our existing merchandise, operating and service capabilities as well as the David Jones brand in attractive demographics which do not have major shopping centres located within the area.”
Research suggests the Malvern Central Shopping Centre, located approximately 10 kilometres from the Melbourne CBD, has a strong income demographic with a total Department Store Type Merchandise market valued at $1.3 billion.
The area, which includes South Yarra, Toorak and Armadale, also comprises of approximately 210,000 residents, a high percentage of whom are in the top income bracket.
The 25 year old Malvern Central Shopping Centre first opened in 1987 and currently plays host to Target and Woolworths, as well as 48 specialty stores.