Hair co opens at Eastgate
25/08/2009
NEWS RELEASE: Tuesday 25th August 2009
Eastgate boasts 98.9% occupancy following lease to Hair Co.
New hairdressing chain Hair Co. has secured a prime site at Eastgate Shopping Centre. Eastgate now has an occupancy rate of 98.9%, a significant achievement in what is undeniably a challenging market for retail property owners.
Eastgate is the second store for Hair Co in Christchurch, after successfully launching Hair Co and Beauty Co in the new Westfield Riccarton development. Both brands will operate within the one flagship store at Eastgate, located in prime position next door to Michael Hill.
“Eastgate struck us immediately as an excellent opportunity, it is definitely the main shopping hub for Christchurch’s East and had a gap in the retail offering for hair and beauty services.” said Joseph Brooks, managing director of Hair Co.
Hair Co follows successful leasing of another 500sqm of specialty retail, including variety discount retailer 123 Mart and home and giftware retailer Max! Out. Max! Out will be opening a 250sqm store in the former Civic Video site next door to Westpac. It will be the first store for Max! Out in the South Island.
The Centre also has two new permanent kiosks. Flowers are back with Garden City Florist opening a kiosk next to Divine cakes, and iconic kiosk operators Aussie Sox has opened a kiosk facing the busy foodcourt area.
At the end of 2008 and start of 2009 Eastgate had several tenants depart following lease expiries. Vacancies peaked at ten stores, however the centre now only has a 1% vacancy rate, with the largest tenancy being 128 sqm. Negotiations are advanced with a major national retailer for the prime 128 sqm site next to Hair Co, at the centre’s main entrance.
Eastgate’s leasing strategy has been
to focus on the centres core strengths of convenience and service focussed shopping. The tenancy mix is comprised of retailers of all categories and a conscious decision was made to not focus too heavily on any one category.
“Our research has shown that shoppers see Eastgate as a service hub, we are an easy destination where they can drop in to the supermarket, pick-up some fresh bread or a coffee, grab that last minute fashion piece for a party that night and buy the gift at the same time.” , said Sarah Girvan, Marketing Manager The National Property Trust.
Retailer retention has also been very strong, with several long term leases renewed recently, including Pascoes, JK Kids, Health 2000, OPSM, Divine Cakes and Brumbys. Brumbys has a new franchisee, whilst Divine Cakes has relocated and opened their new concept store at the centre’s main entrance.
While Eastgate recognises that economic conditions are going to continue to be subdued for sometime, they are aptly poised to weather the storm with a diversified retail mix, near to 100% occupancy and a consistently increasing average spend per customer.
Eastgate Shopping Centre is owned and managed by The National Property Trust (NPT). NPT is an NZX-listed property vehicle with more than $268 million of commercial, retail and industrial properties in its’ portfolio. NPT owns properties in Auckland, Napier, Tauranga, Wellington and Christchurch. For further information visit the Eastgate website or NPT website.
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For further information contact:
Sarah Girvan
Marketing Manager, The National Property Trust
sarahg@npt.co.nz
021 945 077