DAIMARU VENTURE SHORT ‘N’ SWEET
Three hundred years in the retailing game lasted just three years on Coast
GOLD Coasters are always excited to see the next new shopping centre or major tenancy open up.
Coles is on the verge of opening its new Southport Park shop on Wednesday, replacing the old Target while plans for the Dendy independent cinema chain to open at the new Queen Street Village development have been announced.
Coomera Town Centre is just weeks away from opening while Pimpama City opened yesterday.
It’s exciting news for the Coast as political leaders continue to consider a planned $200 million shopping centre at Clear Island Waters put forward by developer Sunland.
The new announcements come 20 years after the Glitter Strip welcomed one of the world’s most famous department stores – Daimaru.
Built at Pacific Fair at a cost of $40 million, the store was seen as a major addition to the city’s economy, employing more than 300 people and adding international prestige to our offerings.
A sprinkling from a 47 litre barrel of specially imported sake was used to baptise the new shop
Daimaru opened on Monday, September 21, 1998 with a cultural ceremony witnessed by more than 300 dignitaries and invited guests.
The ceremony took on a distinctly international flavour, an appropriate theme considering it was the first international department store to open in the entire state.
A beating of drums heralded the start of the ceremony, which was attended by the Japanese president of Daimaru Tom Okuda, Daimaru Australia boss Brian Beirne and the Japanese Consul General Marika Bando.
The store, developed as part of the Pacific Fair centre, was formally opened with the tradition of hammering open the sake barrel.
A smaller ceremony was held before the first customers were allowed in.
Mr Okuda, who flew in from Japan for the opening, reaffirmed the company’s commitment to building on its two-store Australian network.
He had previously overseen the birth of the company’s first Australian store, in Melbourne in 1991.
Mr Okuda told the Gold Coast Bulletin at the time he hoped the ceremonial opening would help foster “a growing understanding and appreciation of our two distinct cultures”.
The view was also shared by Deputy Premier Jim Elder who said it was important to build bridges to Asia at a time when the region was struggling with the economic collapse which had hit the previous year.
He said Australia’s Asian neighbours would “remember their friends” when they emerged from the tough economic times.
Daimaru brought more than 300 years of retailing tradition to the city, with the company having been founded in the 1700s.
Store manager Peter Walker told the Gold Coast Bulletin the new store would “set a new benchmark” for retailing on the Gold Coast.
“I think we will help the Gold Coast become more of a serious destination for shopping,” he said.
Daimaru had signed a lease on the purpose-build section of the shopping centre until 2024.
But it was not to be – the company’s finances failed to turn around and in late September 2001, nearly three years to the day since its opening, the company announced it would shut the Pacific Fair store in 2002.
The company would ultimately exit the Australian market entirely, closing its Melbourne store as well.
The Gold Coast shop closed its doors for the last time on January 31, 2002.
It was understood at the time that Daimaru had to pay up to five years gross rent to break its lease agreement.
The 14,359sq m of retail space, which sat east of the food court, was ultimately redeveloped and now houses many major retailers, including Target and JB Hi-Fi.