Luxury Swiss watchmaker Longines will open a flagship store on Melbourne’s Collins Street, taking a 10-year lease in a building next to the up-market St Collins Lane mall.
The watchmaker will set up its first Australian stand-alone store at 256 Collins Street which offers 148sq m of ground retail space and additional 138sq m of basement space.
The $750,000-a-year leasing deal came after an agreement between agents and Metier3 Architects to secure a more visually appealing future for the storefront.
The deal was brokered by CBRE’s Zelman Ainsworth and Tan Thach, who offered a creative solution after Longines initially turned down the property.
After winning council and heritage approval, the store's awnings will be removed, the facade replaced and repainted, and upward-facing lighting will be added to fit better with the luxury brand’s identity.
Related reading: Versace Secured for Melbourne's Collins Street
The deal come amid concern for the broader retail sector, as consumers worry about rising living costs and weak wages growth or shift to shopping online.
“People are panicking, thinking bricks and mortar is a thing of the past and retail rents will diminish," CBRE's Ainsworth said.
“However, we are of the view that retail is changing for the better and there is only upside for landlords.”
The new store is expected to open in October following restoration work.
It will neighbour luxury brands Coach and Tag Heuer and sit across the road from the new Burberry store at 257 Collins Street, part of a wave of luxury retailers including Gucci, Versace and Fendi that are seeking new retail opportunities on Collins Street.
