Australia's leading youth retailer General Pants Co has leased its first outlet in Western Australia at 195 Murray Street Mall, Perth. The chain has 38 other stores nationally.
General Pants is one of the best youth fashion retailers in the country, and has leased its flagship Western Australian store which will open its doors to the WA public for the first time on August 13.
Lease Equity's Managing Director, Jim Tsagalis, negotiated the deal and confirmed "we had finalised the Lease for the premises almost 12 months ago. The site was, until recently, occupied by Angus and Robertson, which, subsequent to finalising this transaction, went into demise and now no longer exists. General Pants were very careful in wanting to be located in the heart of the CBD's youth precinct. They have taken an ideal location and, whilst they sell many leading brands, they also sell emerging brands such as Don't Ask Amanda, Cheap Monday, Oneteaspoon and The Cassette Factory, all of which are major drivers of traffic into their stores." Mr Tsagalis said.
"We understood Angus and Robertson would experience trading difficulty, and therefore, the decision to replace them was made well before they entered administration. We had advised our client well in advance with regard to the declining books category within the retail environment. Time has shown that advice to be well founded and we were able to respond quickly when the time came to do so."
Mr Tsagalis noted there are many national and international brands seeking to open outlets in the CBD, confirming "we have a number of other high profile international and national tenants about to announce stores opening in Perth."
Mr Tsagalis added "The last quarter of 2011 is set to see a number of new brands open in the Perth CBD, which sees a perfect storm of an improved economy, completion of works for CHOGM and the full commissioning and opening of the One40William Street tower all supporting the re-emergence of the CBD".
Lease Equity have also been appointed to find a replacement tenant for the basement premises and have commenced an international search for tenants with Mr Tsagalis confirming there are already five parties vying for the premises.