King Street landlords are facing stiff competition to maintain the precinct as Perth’s most exclusive and upmarket retail destination, with Tiffany & Co and Kailis Jewellery to join Louis Vuitton at the redeveloped Raine Square.
King Street landlords are facing stiff competition to maintain the precinct as Perth’s most exclusive and upmarket retail destination, with Tiffany & Co and Kailis Jewellery to join Louis Vuitton at the redeveloped Raine Square.
Charter Hall, which will officially opened the revamped Raine Square on Friday, said both brands would relocate from their King Street premises to prime retail space along Murray and William Streets, in the historic Wentworth Hotel building.
Charter Hall secured Louis Vuitton last month to anchor its premium retail offering at Raine Square, where $200 million has been invested in a comprehensive upgrade, including a new office building.
Raine Square now has 46 specialty retail tenancies, with its upcoming luxury retail offering complemented by a slew of food and beverage-focused tenants, from Michelin-star restaurant Tim Ho Wan to a food court-style destination on the building’s bottom floor.
Louis Vuitton is expected to open in September, while Tiffany and Kailis will open their doors towards the end of the year.
While acknowledging the loss of Louis Vuitton in particular is a blow to the gravitas of King Street as a luxury destination, Elite Property Group director Aldo Gianotti, who manages leasing for several King Street tenancies, said he didn’t expect the tenancies to be left empty long.
“I don’t see that the appeal has dropped, obviously Louis Vuitton is a powerful brand, it would be lovely to keep Louis Vuitton in the street, but if they are not in the street someone else will come in and trade.
“King Street is King Street, it is a beautiful part of the world and it has taken some decades to create it.
“There is also plenty of international brands, so it is good for Perth that there is some diversity and spread so that it gives the opportunity for some other brands to take up King Street and to continue to trade.”
Charter Hall managing director David Harrison said the ASX-listed developer and funds manager was thrilled to add Tiffany & Co and Kailis Jewellery as long-term tenants to cap off the precinct’s redevelopment.
“The newly revitalised Raine Square provides something for everyone and is situated in one of the most prominent locations in the city, accessed by thousands of commuters, shoppers and tourists each day,” Mr Harrison said.
Fitout work is underway, with Kailis working with local interior design group United Studios to create a bespoke store that will reflect the beauty and femininity of the jeweller’s brand.
The store will feature private viewing suites and fitting rooms, while Kailis will launch new pearl and silver collections to commemorate its opening.
MG Kailis Group executive chair George Kailis said the new location would showcase the jeweller’s products to more local shoppers and visitors.
Tiffany & Co Australia and New Zealand managing director Glen Schlehuber said the upmarket jeweller was also excited to be relocating to Raine Square.
“The new store will provide our clients with the renowned quality, craftsmanship and style they expect from Tiffany, in a beautiful new environment,” Mr Schlehuber said.
