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The multi-level Pandora store will replace Nine West in Melbourne's Bourke Street Mall
The multi-level Pandora store will replace Nine West in Melbourne's Bourke Street Mall

Pandora jewellery moves into Bourke Street Mall

Pandora is set to open a multi-level store in Melbourne’s iconic Bourke Street Mall after signing what is believed to be one of the biggest retail leasing deals this year.

The company will replace American fashion retailer Nine West at the 280-282 Bourke Street location, with trading expected to begin in November.

Mikael Kruse Jensen, Pandora Australia and New Zealand managing director
"Having an even bigger store in an iconic location will give us the ability to provide incredible service in an inspiring environment and foster that relationship."
Mikael Kruse Jensen, Pandora Australia and New Zealand managing director

It is understood that annual rent for the six-level building is close to $1 million and it will accompany Pandora’s other Melbourne CBD stores situated at Little Collins Street, Emporium Melbourne and Melbourne Central.

The outlet will also join high-profile jewellery retailers in the precinct such as Michael Hill and Swarovski, which is situated next door. As previously reported by Jeweller, Swarovski established the flagship store in 2011 after it supposedly trumped Bevilles in a lease deal.

Pandora Australia and New Zealand managing director Mikael Kruse Jensen told Jeweller that a five-year lease term was made and that three levels would be used for retail, while the other three levels would be utilised for staff training and office space.

Kruse Jensen added the store was the company’s first multi-level outlet in Australia.

“The beauty of the Bourke Street store is that the multi-level space will allow us to adapt, evolve and stay relevant to Pandora, the brand, its staff and its customers,” he said.

“It gives us the potential to start playing around with our selling spaces to have consumer events and interaction.”

Continued expansion

Despite already operating three Pandora stores within close proximity, Kruse Jensen said there were benefits to opening the fourth space.

“Our stores in Melbourne’s CBD are doing very well, especially relative to their size. Having an even bigger store in an iconic location will give us the ability to provide incredible service in an inspiring environment and foster that relationship,” he explained.

“Customers will be brought closer to the jewellery, with touch-and-feel displays so they can experience the quality and craftsmanship of each piece of hand-finished Pandora jewellery.”

The store opening seemingly indicates Pandora is in a strong position to continue adding bricks-and-mortar outlets to its Australian portfolio.

Kruse Jensen confirmed that 10 stores had opened in the region in the past 12 months.

As previously reported by Jeweller, in the second quarter ended 30 June 2017, Australian sales increased 16 per cent – 12 per cent in local currency – to DKK368 million (AU$73.8 m) compared to the second quarter of 2016.

Pandora is headquartered in Copenhagen, Denmark and has a presence in more than 100 countries with approximately 7,700 points of sale. According to the company, Pandora has more than 2,200 brand-only stores globally with a total of 135 in Australia and New Zealand.

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Monday, 11 December, 2017 03:07pm
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