H&M to open first Australian store at Melbourne's iconic GPO
The world famous Swedish retailer H&M has selected Melbourne’s iconic GPO, operated by ISPT, as home for its first store in Australia. The new store will become H&M’s Australian flagship store and one of its biggest in the world occupying three floors and almost 5,000 sqm of the heritage listed GPO building.
Sam Curry, retail asset manager at ISPT, said the arrival of H&M would be part of the revitalisation of Melbourne’s CBD retail precinct. “We are delighted to have this opportunity to introduce such a famous and highly anticipated international fashion retailer to the Australian market. The H&M flagship at GPO will truly differentiate the city of Melbourne as a retail destination benefiting shoppers and other retailers alike.”
H&M at GPO will be a full concept store – offering fashion and quality at the best price. H&M has expanded substantially in recent years with around 2,900 stores spread across 51 markets with a growth target to increase its number of stores by 10-15 percent per year.
The retail revitalisation of GPO will see all food retailers and a small number of existing speciality retailers remain trading within the centre and alongside H&M. Mr Curry said ISPT’s commitment to generating long-term value from its retail assets involved a continual assessment of each property. “Our decision to secure an international brand for GPO and a large format retailer that could optimise the unique heritage space will cement GPO as one of the most successful retail destinations in the country,” Mr Curry said.
ISPT began operating Melbourne’s GPO in April 2005 following the restoration of the much-loved historic postal hall and its reinvention as a unique retail and leisure destination featuring both Australian and international designer fashion. In Melbourne, ISPT also owns Midtown Plaza and just recently announced plans for a $20 million refurbishment of The Strand Arcade.