David Jones thinking big
David Jones is betting on a suite of luxury brands to attract cashed-up tourists to help revitalise the retailer’s declining revenue.
DAVID Jones is betting on a suite of luxury brands to attract cashed-up tourists to help revitalise the retailer’s declining revenue.
The $200 million refurbishment of the flagship Elizabeth St store in the Sydney CBD will include a wider range of luxury products from boutique brands Louis Vuitton, Chanel, Gucci, Givenchy, Loewe, JW Anderson and Mansur Gavriel.
David Jones chief executive David Thomas said the beefedup luxury offering was designed to make the 50,000sq m department store a global tourist destination, similar to Harrods in London and Galeries Lafayette in Paris.
“We want to be that place in Sydney … (it’s) an opportunity for tourism (and) the local customer,” he said.
China now accounts for 1.35 million arrivals into Australia each year, each spending an average of $8344 per trip – for a grand total of $10.4 billion.
The Elizabeth St development is due to open in stages, with the “shoe heaven” level – which includes a champagne bar – opening in September.
“Customers are more informed and have more choice than they ever had, but the physical and tangible experience of the flagship store is fundamentally important to our business,” Mr Thomas said.