First Zara, H&M stores in New Zealand to open
Both stores will open at Kiwi Property’s high profile Sylvia Park Shopping Centre in Auckland. The first stage of construction for both stores, which totals to $19.2 million, is already underway.
“The introduction of these two global retailers to the centre is an important first step in our expansion plans and sends a clear signal as to our intentions,” said Chris Gudgeon, Kiwi Property Group chief executive.
“Our vision for Sylvia Park is to create a truly world-class retail offer, and our expansion plans feature new international brands, concept stores, additional specialty retail, market-leading food and dining offers, additional carparking and potentially one or more department stores,” Gudgeon said.
Gudgeon said they will be expanding Sylvia Park Mall, adding up to 20,000sqm additional retail space on the second level where they plan to welcome one or more department stores, brands and concept stores and additional multi-deck carparks.
The potential cost for the expansion, planned to start in 2017, is seen at $180 million. Kiwi Property expects the expansion plan to be completed between 2019 and 2021.
Kiwi Property has invested $11.5 million to accommodate Zara in a new ground level store located in the mid-mall area of the shopping centre.