Prices slashed for mall’s last days
The Downtown Queen St mall is heaving with people with prices dropped and stock selling out.
Retailers are slashing their prices before they close on May 28.
The Downtown Shopping Centre is closing after 41 years to make way for a $550 million, 39-level commercial building and shopping centre.
With most shops relocating to new premises, some smaller retailers have decided to take a break. It’s the end of an era for the small kiosk of Kiwi Jewellery.
‘‘I’ve been here 10 years...and it’s a little sad but it has to happen,’’ manager Jane Xu says.
Some shops such as Stevens have been slashing their already reduced prices down an additional 50 per cent before opening a new store in Little High St in the CBD. Shops such as Woods’ closed on May 22 due to selling out of stock and others are half empty.
Precinct Properties secured the land and will begin demolition work mid-June.
Chief executive Scott Pritchard says retailers will be given two weeks to clear all their stock.
‘‘The site is completely being taken back to ground and the demolition work is projected to run from June through to October,’’ he says.
The new retail component is expected to be opening in October 2018 hosting about 100 retailers. Pritchard says while no retailers are confirmed as of yet they are hoping to confirm a couple of anchor tenants in the next six months. He says it won’t be a regional mall like St Lukes or Sylvia Park, but more a CBD retail environment.
The office tower is expected to be opening in June 2019 and already more than 50 per cent is leased out with PwC as the anchor tenant.
Auckland Council and Precinct Properties signed a deal in 2015 over the sale of Queen Elizabeth Square and tunnels will be built underneath to make way for the City Rail Link to connect to Britomart.
The tower is projected to be 172 metres tall, which makes it the joint-second tallest building in Auckland with the Vero Centre.
Pritchard says the whole project will cost around $680 million and will be owned by Precinct.
An impression of the new Downtown Shopping Centre from the corner of Queen St and Customs St.