Brand Junction opens with huge success despite current economic conditions
The opening weekend of trade for Victoria’s latest retail venture, Brand Junction (at University Hill, Bundoora) has bucked the trend with consumers spending up big on the centre’s permanently discounted brands, despite the current economic forecast.
40,000 customers from Melbourne’s north came through the centre throughout the weekend. By close of the centre on Sunday sales turnover exceeded $1,000,000 from shoppers who had come to shop at the $60 million dollar development when most regional centres take $1,000, 000 over an entire week. In addition to the shopping on offer, families were in a festive mood throughout the opening weekend with live music and entertainment for children.
The weekend’s trade further proved previous research by MAB Corporation that a shopping centre with international and national brands at discounted prices would be a success in the area. Brand Junction has exceeded those expectations, showing a desperate need for good quality retail at affordable prices in Melbourne’s North.
According to Mark O’Connell, General Manager Retail at MAB Corporation, retailers were ecstatic with the response to the opening weekend trade, number of retailers achieving sales of $20-$30,000 in a day over the opening weekend.
Retailer Laura Ashley’s Chief Executive Officer, Daryl Chait said, “the opening is beyond the company’s wildest expectations. The store has broken the sales record of any new store opening in Australia. People have been pouring in to our new concept store non-stop since the doors opened.”
The Guess outlet at Brand Junction, one of the largest in the country, was also abuzz, with shoppers having to queue to enter the store.
Mr O’Connell said the trend for shoppers to be both brand and budget conscious was likely to become more common as they sought to manage their budgets.
“Our research has convinced us that customers want access to the brands they recognise at an affordable price,” Mr O’Connell said.
“In the current climate, consumers are tightening their budgets. Brand Junction’s opening is timely, with consumers saving significantly on the brands they love, especially in the lead up to the Christmas gift giving season,” he said.
Brand Junction is the first shopping centre of its kind to open in Melbourne’s North in over 40 years, with only a single department store previously servicing the area. The urban design for Brand Junction was created to integrate it with the street-based University Hill Town Centre, offering a diverse mix of convenience and destination retail.
Brand Junction’s tenancy mix primarily includes fashion and accessories, homewares, sports and streetwear brands. It is located at the corner of Plenty Road and the Metropolitan Ring Road opposite RMIT University Bundoora. Brand Junction is a key feature of University Hill; a $1 billion fully integrated mixed-use development that is catering to the demand for greater business, retail and residential choices in Melbourne’s North. University Hill is just 20 minutes drive from the Melbourne CBD.