Australian luxury department store David Jones has closed its Brisbane boutique store, as parent company Woolworths Holdings Limited attempts to turnaround the lossmaking retailer.
Located on Brisbane’s premium shopping strip, James Street, in the city’s Fortitude Valley, the Brisbane store is a ‘boutique’ store, stocking a select range of David Jones’ high-end fashion, beauty, shoes and accessories.
The James Street store had opened only three years prior, joining David Jones other boutique branch in Barangaroo in Sydney.
“In line with our retail network strategy, David Jones has announced that our James Street store in Brisbane will close in June this year,” said a David Jones spokesperson.
“The optimisation of our retail network, through investment in flagship stores, right-sizing and where necessary, consolidation of our footprint, together with our enhanced online offering, is critical to meeting the changing needs and preferences of our customer,” continued the spokesperson.
Following the store closure, David Jones will still have several other stores in prime shopping hubs across Brisbane.
“We look forward to welcoming Brisbane customers to our QueensPlaza CBD flagship, our new-concept Carindale store and other surrounding David Jones stores, as well as to
davidjones.com,” the company said, adding that all staff working at the James Street location will be moved to other David Jones stores nearby.
“We are pleased to confirm there will be no job losses as a result of the James Street closure, with all team members offered redeployment to nearby stores including
Founded by Welshmen David Jones, the luxury department store opened its first store in Sydney in 1838.
The retailer was acquired by South Africa’s Woolworths Holdings Limited in 2014, along with sister fashion retailer, Country Road.
In mid January, Woolworths Holdings announced former Levi’s executive, Roy Bagattini, would replace its group CEO, Ian Moir, followed by a lacklustre half-yearly report in for the July-December period.
In a trading statement late December, Woolworths said group sales were expected to have risen by 3.8% in the 26 weeks to Dec. 29, while earnings per share were likely to be between 15% and 20% lower.