Precision Group, along with its luxury retailers, is investing $125 million in Adelaide Central Plaza over the next three years as it intends to make the shopping centre Australia’s next luxury retail hub.
Adelaide Central Plaza at Rundle Mall will house Tag Heuer, Tiffany & Co, along with exclusive brands within the David Jones department store, the company said.
Louis Vuitton will also open a pop-up store at Adelaide Central Plaza from October 13 to December 28.
“The demand for flagship outlets is being fuelled by workers returning to the CBD and a resumption of international tourism, as retailers tap into the continued demand for experience-based, physical stores,” Shaun Bonett, founder, CEO and MD at Precision Group.
“A dedicated luxury precinct in Rundle Mall will enhance Adelaide’s reputation nationally and internationally, attract major investment, and continue the significant commercial development in the Adelaide CBD that has been going on in the last several years, which has included the recent completion of new luxury hotels, major office towers and a major casino redevelopment and expansion on the city’s riverbank, all within a short walking distance from Rundle Mall.”
Precision Group noted that the government is putting in significant investing in the state, which supports a resurgence in travel-related retail expenditure. The company added that retail spending in Adelaide CBD reached $1.5 billion last year.
Rundle Mall has more than 1000 retail stores and welcomes 42 million visitors per year.
“Creating a luxury retail precinct centred around Adelaide Central Plaza is an essential feature of a thriving central business district and will enhance Adelaide’s status as a global city with an outstanding global reputation as a city of art and culture,” said Bonett.
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