It’s not yet clear whether leases have been formally inked, but it has WAtoday understands that the two luxury brands could be operating from the new premises within a year.
Centuria and Cox Architecture were both contacted for comment.
The new stores would be sandwiched between international hotelier Mantra and German fashion house Hugo Boss, which will move to Murray Street in 2021.
They would also border Raine Square, home to luxury brands Tiffany & Co., Louis Vuitton and Chanel since they left King Street in the past three years.
At the time, it was rumored that at least two of the three global fashion brands had been “plucked” from the posh strip, paying their leases and offering equipment incentives to seal the deal.
Chanel moved into the landmark Wentworth Building on Raine Square in 2021, with the furnishings alone costing more than $14 million.
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There are currently at least eight ground-floor vacancies along the 350-metre King Street strip, which was once considered Perth’s premier fashion destination.
It is clear that Gucci, one of the last remaining international luxury retailers on the strip, also has its eye on a lease in Raine Square.
But Charter Hall, Raine Square’s rental agent, could not confirm the speculation.
The move comes as new data reveals that luxury sales in Australia could reach $5 billion over the next five years, with analysts Ibis World predicting sales growth to grow at a 5.4 percent annual rate through 2027.
At the meeting, Zempilas revealed that total local spending in the city for the month of January was 19 percent higher than the corresponding levels of the previous year.
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