Lease Equity nails Plaza Arcade deals

Aug 14th, 2013

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Article by:
Marissa Lague

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Lease Equity has clinched a string of leasing deals at Plaza Arcade in Perth's CBD.

Italian designer shirt brand 7camicie, youth focussed fashion outlet Friends of Fancy, vintage clothing specialists Von Krahl and Safaa, which specialises in European footwear and accessories have opened the doors of their new businesses in the Arcade.

After selling the Plaza Arcade to a Singaporean Investment Trust this year, Lease Equity said it had moved quickly to secure the new retail line up.

"Our newest retailers are benefiting from substantially more affordable rental terms inside the Arcade than those retailers paying the super prime Mall frontage rates only metres away/" Lease Equity's director of retail leasing Fred Clohessy said. " We appreciate retail environment is challenging and undergoing generational change, however innovative store concepts, fine products where quality can be felt in hand, and services that you can only receive in-person are proving that dynamic retailers can survive and prosper."

"These retailers are independent, emerging, or new to Australia and they can secure the significant exposure levels they need to launch their businesses in a heavy foot traffic location such as Plaza Arcade."

Mr Clohessy said adding to the retail range was essential to creating an attractive CBD, where consumers wanted a shopping experience with diversity and richness that was not available in suburban malls.

"Plaza attracts levels of traffic that often mirror those of the Hay and Murray Street Malls, however its cost of occupation is much more manageable for this scale of retailer." As well as the new arrivals, In & Out Nails, is due to open and Plaza Arcade's Phonemart store has been revamped.

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