Its sudden demise left top-tier landlords in Sydney and Melbourne out of pocket and scrambling to fill some of the country’s most expensive real estate.
High-fashion luxury house Chanel is taking advantage of the collapse of rival retailer Harrolds, moving into one of its prime Australian flagships.
Liquidator SMB Advisory said investigations into the company’s collapse are ongoing, confirming there were “numerous overseas creditors.” All of Harrolds’ leases, apart from its Sydney stores, were terminated before liquidators were appointed, SMB said.The luxury goods purveyor, which sold $700 designer T-shirts and $20,000 suits, held prime spots in Westfield’s upmarket mall in Pitt Street and Collins Street’s top end.
Luxury giants have been hit by slowing global sales, surprising investors and prompting fears of a recession in the sector.By contrast, Harrolds’ 700 square metre storefront, and its high-end fitout, in the Sydney Westfield luxury mall stands closed and empty. “Luxury brands have in some cases shelved plans to come, whilst others have put a brake on capex spending and yet others have decided to hand back space or seek alternate retailers to assign the lease to. This is making it challenging for landlords with programs exposed to this sector of the market,” Hunziker said.
Cushman’s head of international research, Dominic Brown, said consumer spending will continue to boost prime retail destinations. “How quickly and strongly that feeds through into rental growth at a market level will vary due to local nuances and market dynamics,” he said.
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