Fifth Avenue, New York: Global luxury brands love to be in historic buildings because they evoke history, class and old money.Credit: iStock
“The arrival of so many luxury brands is a tremendous vote of confidence in the city. They are all taking ten-year leases, with options that take it out 15 and 20 years. What they are building is for what they see is coming,” he says, barely audible over the sound of jack hammers.
Another plus for Perth is that these high-end businesses love historic buildings, which is why so many are located in heritage areas in places like Paris and New York. They want to soak up the sense of tradition, class and old money.
And because these brands have deep pockets the upgrades to the Federation-era buildings along Murray Street will be first-rate, which is a boon to those who cherish these properties and want to them to be activated (the Chanel make-over on the corner of William and Murray Streets cost over $13 million, according to sources).
This is startling contrast to the historic buildings in the nearby Hay Street Mall which are languishing because the owners are unwilling to sink money into upgrades or, in the sad case of the Piccadilly Theatre, stuck in limbo because the cost of the renovation blew out (typical when doing up old buildings) and the offshore investors don’t see a financial gain in finishing the job.
The quality of these revamps and the full-press luxe experience offered by these stores – Chanel customers are greeted by a…
