Department store David Jones has inked a new partnership to rejuvenate its retail network.
The company confirmed it has entered into an agreement with QIC Global Real Estate (QIC) to open a new 11,000 square metre department store in Eastland Shopping Centre in Ringwood, Melbourne.
The new David Jones Eastland (Vic) store will have a smaller foot print, a lease term of 15 years and will incorporate the features of the company’s 'Next Generation Store' concept.
These features will include a 75:25 mix of fashion and beauty versus home categories, in-store 'click & collect' pick-up stations, traffic analytics. In addition, the stores will also contain complimentary customer wi-fi, customer dwell areas with charging stations, omni mirrors enabling customers interact on social media and email, and the ability to shop the full-line David Jones offer online in the store.
The David Jones Eastland Shopping Centre (Vic) store is expected to open in fiscal year 2016. which will coincide with the expiry of the David Jones Glen Waverley (Vic) store lease, located 12 kilometres away.
Commenting on the new addition to the David Jones retail portfolio, exiting David Jones CEO & managing director Paul Zahra said the launch of the Eastland Shopping Centre store format marks the start of a new era for the company.
“In deciding to open a new store at Eastland Shopping Centre (Vic) we have given careful consideration to our optimal store portfolio size in light of our omni-channel retail strategy, as well as the location of our existing stores and our upcoming lease expiries.
“The location of our new Eastland Shopping Centre (Vic) store compliments our Omni Channel Retail strategy. It enables us to capitalise on the growth expected in the Ringwood catchment as a result of the significant redevelopment of the shopping centre and the surrounding catchment as well as the extensive investment in upgrading the existing transportation network,” Zahra said.
The new David Jones store is part of a major $575 million redevelopment of the Eastland Shopping Centre being undertaken by QIC. The redevelopment will increase the size of the centre by approximately 50 per cent to 127,000 square metres and provide customers with access to Australia’s two major department stores and national major retailers including K-Mart, Big W, Coles, Woolworths as well as a Hoyts cinema complex and more than 350 specialty stores.
The redevelopment is also set to include a new “town square” with a restaurant precinct and 1,100 additional car spaces and infrastructure to support commercial and hotel towers.
This redevelopment will see Eastland Shopping Centre become the fifth largest shopping centre in Victoria – comparable in size to Westfield Doncaster (Vic).