An artist's impression of what Westfield Newmarket will look like when complete. Photo / Supplied
An artist's impression of what Westfield Newmarket will look like when complete. Photo / Supplied
Louis Vuitton, Gucci and Canada Goose are said to be among luxury retailers set to open up shop in Westfield Newmarket later this year.
The 220-store shopping mall, currently under construction, when complete will feature an entire floor dedicated to luxury retailers both local and international.
Retailers housed on the floor will be a mix of well-known brands driving growth in the luxury sector and other brands which do not yet have a New Zealand store, according to a source who has seen plans.
Scentre Group, which owns and operates Westfield in New Zealand and Australia, would not confirm what brands would open in the development but said the company was in discussions with local, international and luxury retailers for the mall which will be split into two sites located at 277 and 309 Broadway.
"The stores will be best of class," the source told the Herald.
The brand, named after its American designer, was started in 2004 after Burch worked for designers Ralph Lauren and Vera Wang. It is popular in the United States and Europe.
Chris Wilkinson, managing director of First Retail Group, said Westfield Newmarket would be on the radar of many global luxury retailers thinking about expanding into New Zealand, and this part of the world.
Wilkinson said Louis Vuitton, Gucci, Tory Burch and Canada Goose were the types of retailers which would be regularly visited and well-received in the mall.
He said Westfield Newmarket would be a "black label centre" once opened.
Apparel and jacket retailer Canada Goose has experienced a wave of popularity in the last couple of years, and is incredibly popular with Asian consumers.
Gucci is incredibly popular among young consumers, though traditionally has been perceived as only accessible by older generations or high earners. Wilkinson puts its popularity with millennials down to a global desire for aspiration.
Louis Vuitton made more than $38m in revenue in New Zealand in 2017. Photo / Doug Sherring
"We're seeing this really interesting trend where young consumers are saving up a lot of money and they are spending at places like Gucci - the queues happening at Gucci are just off the charts," he said.
"You think to yourself 'Why would people be queuing to buy a pair of $1000 sneakers', but they do."
Though Gucci, Prada and other luxury brands are popular, Louis Vuitton is a clear favourite among New Zealand shoppers, its local sales revenue was close to $39 million in 2017, according to documents filed to the Companies Office. Figures from the last financial year are not yet available.
Wilkinson, like RCG associate director John Polkinghorne, said international students were driving growth in New Zealand's luxury retail sector.
John Polkinghorne, associate director at RCG. Photo / Supplied
Newmarket has always been a popular destination with higher-income shoppers so it was no surprise Westfield was curating a luxury retail area, Polkinghorne said.
Luxury retail is a growing sector in New Zealand and has seen strong growth in the last five years, supported by the growth in tourism and foreign student sector, particularly in Auckland and Queenstown.
"There's certainly been sales growth here and overseas and a lot of it globally is to do with emerging markets, China and other fast-growing middle class consumer markets that want to consume luxury Western brands and live a luxury lifestyle," he said.
"Luxury and high-end boutique brands that New Zealanders are familiar with and which they can leverage off... Newmarket is the perfect place for that."
The Herald has approached Louis Vuitton and Gucci for comment.
