Luxury Australian retailer Harrolds has announced that it has not renewed its lease at the Pacific Fair Shopping Centre on the Gold Coast. 

The retailer cites COVID-19 impacts and the inability to come to a new agreement with landlord AMP Capital as the primary reasons for the exit. 

MD Ross Poulakis added that the pandemic meant that the business couldn't generate the required investment to keep the store going. 

"We have had to pull many levers during the past twelve months to mitigate the impacts of COVID-19 to our business nationally including reducing operating expenses and attempting to negotiate revised rental agreements.

"Unfortunately, we have been unable to come to an agreement with AMP Capital and we will exit the Pacific Fair centre. 

"In comparison to our Melbourne and Sydney stores, Harrolds Gold Coast has been the least affected by COVID-19 restrictions; but the pandemic has meant that we haven’t been able to make the required level of investment.

"It unfortunately isn’t financially viable for us to continue with the Pacific Fair location," he said. 

Harrolds operated its Pacific Fair site for five years across two dedicated menswear and womenswear levels totalling 676sqm. 

The business opened the store as part of the $670million re-development of the centre in August 2016.

However, Harrolds isn't planning on exiting Queensland altogether. 

The retailer is set to explore other locations in Brisbane, with the intention to have a new Queensland store opened within the next 12 to 18 months. 

In the meantime, the business will serve its Queensland customers through its online store. 

The Pacific Fair shopping centre store closes today, April 28. 

With the Pacific Fair site closed, Harrolds' store footprint now stands at four stores across Victoria and New South Wales. 

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