Luxury retailers are capitalising on Sydney, buoyed by the tramway transformation of George Street that was launched three years ago.
The City of Sydney said the pedestrianised George Street has driven higher foot traffic, with luxury retailers taking advantage of this by opening premium corner sites and larger shops.
Global brand Cartier recently opened a store at 388 George Street, with Italian brands Brunello Cucinelli and Missoni opening at the nearby MLC centre in early January 2023.
The latter two will be the first flagship stores in Australia for both brands, with sites secured by its parent company Graaf Group.
The City of Sydney said a number of refurbishments of existing stores are currently underway and will soon open their luxury flagship stores.
“In June this year, George Street south’s transformation as a pedestrian boulevard was officially opened,” a City of Sydney spokesperson said. “As well as creating more than 9,000m2 of additional space for people in the city centre, the boulevard is now a seamless car-free path for walking, dining and seating.
“We are working with the state government to extend the boulevard along the full length of George Street, which will further support local businesses.”
“In the CBD, there are luxury retail precincts on George Street, Martin Place, Castlereagh and King streets where premium labels have established their stores in shops with large footprints.
The City said that attracting people back into the city and its suburbs will help support businesses recovering from the recent COVID-19 pandemic.
“The City of Sydney also works to encourage a mix of retail options to cater to our diverse residents and visitors,” they said.
“As soon as the pandemic hit, we lifted all fees for outdoor dining and encouraged businesses to spill out onto the street and operate safely. We have supported more than 600 businesses to trade on footpaths and roads as part of our al fresco dining program, with Council extending the waiving of fees until 30 June 2025.”
Meanwhile, Sydney Airport has been capitalising on the luxury boom by launching a new high-end retail space in its International Airport terminal.
Sydney Airport recently opened six new luxury stores, including Louis Vuitton, Celine, Dior, Gucci, Valentino and Australia’s first Gentle Monster store, selling eyewear.
This brings its current total store count to 16, including the initial stores: Balenciaga, Bottega Veneta, Burberry, Bvlgari, Hermès, Loewe, Moncler, Prada, Rolex and Saint Laurent.
Sydney Airport executive GM of commercial Mark Zaouk said this marks the second phase in its ambitious retail strategy.
“Following a challenging few years for the travel industry, it’s great to see passengers heading overseas once more,” Zaouk said. I’m thrilled we’re able to deliver a luxury offering as part of their unique experience at Sydney Airport.
“With 16 luxury stores now open in T1 International and a further four to open at the end of 2022 and mid-2023, we’re on track to offer the largest and most extensive collection of luxury travel retail anywhere in the Southern Hemisphere.”