QUEENSLAND: David Jones has renewed its Toowong Village store lease, making a further 20-year commitment to the region.
The company reported that it will refurbish the store to maximise the selling space for high value, high margin product categories. The existing store is approximately 60 per cent the size of a typical David Jones suburban store, so space for merchandise will be increased by more than 20 per cent. These developments will commence at the end of 2011 and will be completed before Christmas trade in 2012.
David Jones chief executive officer Paul Zahra said the Toowong Village store has been operating since 1986 and has not had a major refurbishment during this period.
“As a result it is not reflective of a contemporary David Jones store,” he said. “We are excited about the prospects of this store once it is refurbished and upgraded in line with the best performing stores in our portfolio.”
David Jones reported that the wealthy demography of the Toowong catchment ranks was among the stores at the top end of the David Jones’ store portfolio, alongside Bondi in NSW, Chadstone in Victoria and Claremont in South Australia. The trade area of Toowong Village reaches a population of around 150,000 people, with $1.1billion of department store type merchandise spend per annum.
DAVID JONES: Key spring/summer look.
