Discount chain expanding

By ANNE GIBSON

National discount retailing chain DressSmart is on a $16 million expansion drive, almost doubling the size of its Auckland venture and building a new $3 million centre near Tauranga.

John Bougen, of Prime Retail Management, said a new DressSmart would be built at Papamoa in the Bay of Plenty, the fourth in the chain of discount malls.

Bougen is projecting $20 million worth of annual sales at Papamoa.

Bougen's Parnell-based Prime Retail founded then sold the chain to AMP but still manages it on behalf of Australian owner ING Retail, which last year paid $63.35 million for the portfolio of three properties in Auckland, Wellington and Christchurch.

An extra 4962sq m of retail space is being added at the Onehunga site, after a southern expansion of the centre last year.

The Onehunga outlet, the first of the chain, opened in 1995. The planned additions on the Arthur St side will bring another 42 shops, cover the existing outdoor carparking area and result in an extra 400 carparks. Bougen said the Auckland DressSmart would then have 108 shops.

Just under 1ha of land south of the Tower Property Funds' Bayfair shopping centre in Papamoa has been bought, with the aim of drawing shoppers from throughout the Bay of Plenty.

Prime Retail commissioned specialist retail architect Ignite to prepare a master plan and proposals for the Gravatt Rd site.

Bougen said the Papamoa venture would have 22 shops and open in November next year.