Luxury brands Yves Saint Laurent, Valentino and Fendi are hunting for retail space on Collins Street, Melbourne after Gucci expanded its shop space by more than three times at 161 Collins Street.
Financial Review’s Larry Schlesinger reported that the Italian brand has signed a new lease at the T&G building and is planning a multimillion-dollar fitout to create one of the biggest luxury shops on the street.
The shop will be expanded from just 150 m2 to 500 m2, strengthening its presence on Collins Street and Russell Street. YSL, Valentino and Fendi are reportedly considering a move into the T&G Building as well.
T&G Building is currently owned by US agency Pembroke Real Estate. “As part of its extensive refurbishment of the T&G Building, Pembroke Real Estate is reimagining the luxury retail precinct on the ground floor,” said Matthew Knight, head of Australia at Pembroke Real Estate.
“Pembroke is engaged in active discussions with a range of tenants as well as welcoming an exciting new presence for the existing Gucci store, details of which will be announced later in the year.”