H&M going to Sylvia Park
H&M to open first New Zealand store next year.
Swedish fashion conglomerate H&M is opening its first New Zealand store at Sylvia Park in Auckland late next year.
Kiwi Property [NZX:KPG] has secured the world’s second biggest fast fashion brand, behind Spain’s Zara, for the shopping centre.
The listed company is investing $7.7 million to accommodate H&M and upgrade adjacent mall areas.
Earlier this year, Kiwi Property said it was looking at a $150 million 20,000m² expansion of the 80,000m² Sylvia Park. It is in the pre-development stage, which includes design, consenting and pre-leasing, with construction possibly starting in two years for completion in 2018.
Kiwi Income owns six shopping malls and two large format retail centres around New Zealand and chief executive Chris Gudgeon says to have the fashion giant at Sylvia Park is great news for shoppers.
H&M has more than 3500 stores in Asia, Australia, Europe and the US and close to 800 factories to make clothes and accessories. Designs, production planning and distribution decisions are finalised in Sweden.
The company has cut out the middlemen and its large buying volumes, efficient logistics and cost-consciousness has made it a market leader in women’s, men’s and children’s clothing.
A decade ago Sylvia Park was a brown-field site next to Auckland’s Southern Motorway. Kiwi Property says Sylvia Park now attracts more than 12 million shoppers every year.
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Sally Lindsay
Wed, 14 Oct 2015
Wed, 14 Oct 2015
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H&M going to Sylvia Park
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