Market Square decline accelerates amid uncertain future for site
Just when you thought things couldn’t get any worse at the once-thriving shopping centre, another big brand is closing – and it’s moving across the road to Westfield.
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A Market Square tenant of almost two decades is shutting up shop and moving across the road to Westfield, marking another nail in the coffin of the once-thriving CBD shopping centre.
News of homewares outlet Adairs’ impending departure comes just 24 hours after it emerged that fashion outlet City Chic will close its doors for the final time on August 18.
The fit-out of Adairs’ new city base on the second level of Westfield, between Myer and Priceline, is well underway.
It is unclear exactly when the move will occur.
An Adairs employee on Saturday referred the Addy to the company’s head office, which was contacted for comment.
A City Chic employee on Friday said the business was closing due to the sad state of Market Square.
“The centre is just dead,” she said.
The departure of Adairs and City Chic follows in the footsteps of Boost Juice, Gloria Jeans, Lincraft, Tonia T Boutique, Tattslotto, EB Games and Cotton On.
The site’s secretive Singapore-based owners Davinski Nominees launched legal action against Cotton On following the fashion retailer’s decision to move to Westfield, as Adairs is doing.
It remains unknown what Davinski’s long-term plans are for the area.
The group also owns the nearby Centrepoint Arcade.
Emails obtained this year under freedom of information revealed any investment in Market Square was contingent of the troubled Moorabool St bus exchange being relocated.
Geelong council spent $250,000 developing a masterplan in an effort to prompt action within the much-maligned area.
This is despite it not owning the land relevant to the plan.
Meanwhile, longstanding CBD restaurant Mexican Graffiti will serve its final meals on Sunday.
The closure, announced last month, will mark the end of 42 years of continual service at the Yarra St site.
It has had just two owners during that time.
On Tuesday, the business will sell off whatever remains inside.
“The end is near for Mexican Graffiti so on Tuesday the 13th of August we will be open from 12pm to sell what is left including memorabilia, chairs, tables, plants and so much more,” it said in a Facebook post.
“No holds, everything must go!”
While a reason hasn’t been given for its closure, it is another blow for the city’s dining scene.
A recent report from CreditorWatch forecasted that almost one-in-10 hospitality businesses nationally were expected to fail in the coming 12 months.
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