New Zealand’s oldest department store, Kirkcaldie and Stains on Lambton Quay, Wellington, is to give up 400 square metres of its retail space in the Harbour City Centre building and consolidate its operations under one roof in its main store next door. Harbour City Centre, which is owned by Kirkcaldies, houses just under eight per cent of the department store’s 6,500 square metres of retail space.
Ty Dallas, retail leasing specialist at Colliers International, has been appointed to market the Harbour City Centre site for lease. "The large retail space on offer and its plum position between Kirkcaldies and Country Road’s 1000 square metre store means it will be highly desirable among retailers," he said.
The Country Road store is one of the fashion chain’s best performing sites in Australia and New Zealand.
Mr Dallas said that despite the challenging market there had already been some "very encouraging" interest in the space from New Zealand and Australian retailers, particularly fashion operators. "The demand for retail space on Lambton Quay has consistently been very strong, and that is still the case today with 97% of the shops on the 'golden mile' strip leased."
John Milford, Managing Director of Kirkcaldie and Stains said the store would vacate the Harbour City Centre building as soon as a tenant had been secured. He expected an improved bottom-line as a result of freeing up the Harbour City Centre space and the associated withdrawal of some of the department store's less profitable product lines.
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