Tiffany & Co. has opened its first ever boutique in New Zealand today in Auckland's CBD. The store takes up the entire ground floor of the Australis House on Galway St and stands out from the rest of the grey, dull-coloured buildings with its lashings of Tiffany blue flags and signage.
Convenience stores, souvenir shops and discount outlets are among the retailers disappearing from the CBD, as demand grows higher and vacancies grow lower. Colliers International says the low availability of stores and arrival of bigger chains is causing these low-end stores to become scarcer.
Research exploring the effect increased density in Auckland will have on the retail sector has been released by property, design and research agency RCG. Good news for those with stores in the city of sails: Retail sales are going to grow significantly, by about $130 million in the CBD alone.
Auckland CBD's big red shed has been rehomed from the Downtown shopping centre store to a smaller site at the Atrium on Elliott shopping centre. This follows an “exhaustive search” by the retailer for adequate space in the CBD, where retail leases are in hot demand.
With rents reaching astronomical prices and demand high for shop space in the CBD, many retailers can’t get a foot in the door. However, a competition by Pop Up Now and Heart Of The City is giving a fashion designer the chance to open a pop-up retail shop amongst the action.