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DJS to anchor development of a new fashion wing at Highpoint
25
Feb '11
David Jones Limited (DJS) announced that it has entered into a binding agreement with the coowners of Highpoint Shopping Centre (GPT Wholesale Shopping Centre Fund, Highpoint Property Group and The GPT Group) to open a brand new 14,000 square metre (sq.m), full-line David Jones department store in Highpoint Shopping Centre in western Melbourne.

David Jones CEO Paul Zahra said,” We are delighted to be establishing a presence in the attractive demographic of the Highpoint shopping centre catchment. It is a market in which we are not currently represented - our closest store to Highpoint being our Bourke Street Mall flagship store, which is approximately 12 kilometres away and all our other David Jones stores are in the eastern and southern suburbs of Melbourne.

“We have for some time recognised that Melbourne is a market which represents growth opportunities for our Company and in which David Jones is under-represented. The Highpoint region is currently serviced by only one department store which means there is enormous potential for a new department store entrant such as David Jones,” Mr Zahra said.

David Jones Group Executive of Retail Development and Procurement, Antony Karp said “Highpoint is a high value location for David Jones. It has a very wide catchment with a large population and a large number of people who are earning above $78,000 per annum (p.a.)”.

The Total Trade Area Population of Highpoint is 959,810 and the population is expected to grow by 1.6% over the period 2011 – 2016. Average Household Income is $66,733 and an estimated 47,991 people earn more than $78,000 p.a.

Highpoint's large population and high income per household means that the total Department Store Type Merchandise market is valued at approximately $3.8 billion p.a.

Development Approval and Owner Approval for development has been obtained to add a new fashion wing to the north-eastern end of the existing Highpoint Shopping Centre.

The development will include the construction of a new, full-line 14,000sq.m David Jones department store over two levels which is scheduled to open in the first quarter of 2013.

David Jones will anchor the new wing and will be surrounded by approximately 100 specialty stores. The car park will be expanded to cater to the new wing through the creation of a further 1,000 spaces taking the total (post development) to over 7,000 car parking spaces. In addition, it is proposed that an upgraded and improved ring road and the establishment of two new entries into the centre will improve traffic flow and access to the centre.

The Highpoint Shopping Centre has Gross Lettable Area of 123,000 sq.m and is currently ranked the fifth largest shopping centre in Victoria and the tenth largest in Australia. It currently generates $784.6 million p.a. in Moving Annual Turnover making it the third highest revenue generating shopping centre in Victoria.

The new Highpoint David Jones store is expected to significantly exceed the David Jones minimum new store benchmarks (namely, Sales of $40m p.a. and a Store Contribution of at least $5m p.a. by Year 2). The new store is expected to generate sales of $50-60m over time and perform within the top half of the Company's store portfolio.


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