\u201cEven within the Prada group there are brands that may be better suited to the audience here.<\/p>\n
\u201cThe fundamentals of Queen St are strong, as are the future indicators with Britomart\u2019s announced redevelopment, Te Waharoa, the city\u2019s new international cruise terminal and the revitalisation driven by CRL. Luxury brands typically play the long game and know that opportunities in tightly held areas rarely come along.<\/p>\n
\u201cWhile other luxury brands have steadily increased presence and rarely exit markets, Prada has had a history of adaptation. In 2012, the company pulled back retail presence to heighten its \u2018scarcity value\u2019 and more recently it has been right-sizing representation in regions as part of its broader moves to bring the Versace stable into its fold.\u201d<\/p>\n
Retailers generally have been under pressure lately.<\/p>\n
Stats NZ\u2019s latest Electronic Card Transaction data for September shows actual core retail spending rose just 0.1% compared with the same month last year, including food and fuel. Apparel spending was down more than 5%.<\/p>\n
Simplicity chief economist Shamubeel Eaqub said the luxury market had been hit globally, \u201cespecially because the aspiring middle classes have pulled back on luxury purchases. So the uber-wealthy market remains as it always was. But the growth via aspiring middle is currently less so\u201d.<\/p>\n
Gareth Kiernan, chief forecaster at Infometrics, said he thought underlying economic conditions were likely to have had a limited influence on the decision to close.<\/p>\n
\u201cThat luxury precinct at the bottom of Queen St is like another world, and it has remained highly sought after in recent years, despite the lingering effects of Covid, CRL and other cityscape construction, and the drift away from physical retailing that have been more evident on the retail sector further up Queen St.<\/p>\n
\u201cI expect there are broader business strategy reasons behind the decision, and Auckland isn\u2019t seen as enough of a growth market compared to other opportunities internationally.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cEven within the Prada group there are brands that may be better suited to the audience here. \u201cThe…\n","protected":false},"author":2,"featured_media":642788,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[9055,74,51,138,651,813,302,130,111,139,69,19313,3366,11420,2735,812,131,61,1530],"class_list":["post-642787","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-9055","tag-after","tag-auckland","tag-business","tag-close","tag-edmunds","tag-its","tag-more","tag-new-zealand","tag-newzealand","tag-nz","tag-prada","tag-queen","tag-st","tag-store","tag-susan","tag-than","tag-to","tag-years"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/642787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=642787"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/642787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/642788"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=642787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=642787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=642787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}