May 21, 2018
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Melbourne's Chadstone Shopping Centre hits $2bn in annual sales

May 21, 2018

Chadstone Shopping Centre has clocked more than $2 billion in sales annually, a first for the Melbourne-based mall, as it continues to redevelop and attract more global brand store openings to its centre.

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The Vicinity Centres-owned Chadstone witnessed a $400 million sales increase in the past 12 months, when sales came in at $1,671 billion. This is the first time Chadstone has reached $2 billion in a 12 month period.

The number was driven by women, who continue to dominate luxury purchases. But men's brands were up by 26 per cent during the past 12 months, according to Chadstone general manager Fiona Mackenzie.

Mackenzie told the Australian Financial Review that the suburban mega-mall is defying the current physical retail headwinds in Australia, driven by loan-laden consumers and online shopping competition, crediting the centre's attractive design and savvy marketing events, making Chadstone a must-visit destination in Melbourne.

"The decisions around our design come from conversations we initiate with the people who use the places we've created, or plan to create," Mackenzie told the Australian Financial Review.

"From their views and insights, and with our knowledge of changing local and global trends, we develop a brief for leading designers."

Chadstone Shopping Centre claims to be Australia's largest offering of "luxury" products, with some 35 brands ranging from cosmetics to handbags. The nall mall has been doubling sales every decade for the past 30 years, going from a suburban shopping plaza to high-end hub housing expensive restaurants, a hotel and sought-after retail stores.

In the last two years, several international luxury labels have flocked to Chadstone to open debut Australian stores. These include Céline, Valentino, Moncler and Fendi, while Tommy Hilfiger bowed its new APAC retail concept in Chadstone back in 2016.

Looking forward, Chadstone is hoping more retail brands will follow suit, to use the centre as a retail launching pad downunder.

The mall also recently wrapped up a $660 million development, which sees the bowing of a 250-room hotel expected to open next year, as well a new food court, a Piazza redevelopment and more luxury retailers, just in time for the holiday season. 

Another $220 million new development will include expanding the food atrium, which already includes 30 cuisines across the centre, with high-end destination-restaurants intended for diners as much as shoppers and expanding the luxury precinct. 

The centre has more than 550 tenants and attracts more than 23 million shoppers a year.

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