Fashion Giant H&M Coming to the Pitt Street Mall0
Flying high as the second-largest fashion brand in the world, H&M is making a landing at the Pitt Street Mall in Sydney. The grand opening of its flagship Sydney CBD store is slated for late next year. H&M will be located in the Glasshouse shopping centre, taking the site that currently houses the Uniqlo pop up store. Uniqlo will move to 420 George Street.
Glasshouse co-owners Stockland and Investa Commercial Property Fund (ICPF) are welcoming retail giant H&M with a $30 million redevelopment plan that was part of the deal. The building that will house H&M will retain its historic façade as the H&M shopfront, but the bulk of the interior will undergo a major renovation to transform the existing L-shaped pedestrian mall between Pitt and King streets.
H&M will be in solid company as the Pitt Street Mall reshuffles existing shops to make room for a new round of international brands. The world’s largest fashion brand of Zara is in the mix, as is Polo Ralph Lauren and cosmetic leader Sephora. Forever 21 remains in the mall, moving to the former Adidas location at 400 George Street.
Pitt Street Mall already holds the cards as the sixth most expensive street in the world based on rent per capita. H&M’s leasing of up to 5000 metres in the mall further fortifies its reputation as the “fast fashion” strip in the state.
“We have big plans for Glasshouse and Stockland Piccadilly,” said Stockland group executive John Shroder, “and it’s a major retail coup for us to attract and sign one of the world’s most iconic brands.”
The group’s goals include creating clearly unique retail centres in city and suburban areas while establishing strong shopping centres in regional locations. The Glasshouse retail complex and its office tower at 135 King Street have enjoyed an increase in leasing activity and decrease in vacancies since the ICPF acquisition in January.
Despite the high rents, Pitt Street Mall has been a lucrative target for many international retailers that are eyeing Australia, according to Savills researcher Simon Hemphill. And there are many. Sydney in particular is an alluring location, with brands from across the world aiming to establish a presence. These include Britain’s River Island, Hamleys and Marks & Spencer; Japan’s Sony; and the US brand of Microsoft.
The H&M shop opening at the Pitt Street Mall will be the second in Sydney for the fashion brand. The first H&M store is scheduled to launch this month at North Ryde’s AMP Shopping Centre’s Macquarie Centre.