Country Road closes stores; Pickled Possum calls last drinks; Chanel opens
Capital gain
The venerable Australian fashion retailer Country Road – known for setting the standard in women’s power suits over the decades – is closing a number of stores as falling sales prompt its South African owner to scale back its footprint.
One of Country Road’s long-standing outlets, a store at the Market Street entrance to the Queen Victoria Building in central Sydney, has closed, while its sister brand Trenery has shut up shop at 856 Military Road in Mosman.
The Country Road store in central Sydney has closed.Credit: Dominic Lorrimer
Country Road’s large shop at 742 Military Road in Mosman is closed for renovations, while the brand’s Pitt Street Mall store on the corner of King Street is also earmarked to shut when its lease expires in about 2028.
Country Road was founded in 1974 and is also known for its smart-casual men’s, women’s and kids’ clothes, as well as homewares and accessories. It expanded rapidly after opening and was one of the first major Australian brands to set up shop in the United States.
It and Trenery are owned by South Africa’s Woolworths Holdings, a Johannesburg-listed retailer, which formerly owned upmarket department store David Jones.
Changing fashion trends, heightened by hybrid working and a casual work attire, has seen demand for suits and formal wear decline, eating away at the sales of retailers like Country Road.
In its latest results, Woolworths Holdings said sales fell by nearly 8 per cent in the 26 weeks to December 29 last year and operating profit dropped 71.7 per cent to just $14.2 million.
The former boss of British high street department store Debenhams, Steven Cook, was appointed in June to oversee Country Road’s repositioning and re-entry into Myer.
Country Road was contacted for comment. Belle Property Commercial is advising on the lease and or sale of the 856 Military Road property.
Last drinks
Possum Bob, the owner of famed late-night Sydney bar the Pickled Possum, has called last drinks.
Receivers and managers have walked through the grungy bar door and are in place to sell the Possum’s freehold property at 254 Military Road, a Neutral Bay institution.
Over the years, the bar has been visited by Billy Joel, Chris Hemsworth and Hugh Jackman, in the footsteps of many thousands of late-night would-be singers and revellers.Credit: Dion Georgopoulo
Known for serving drinks from eskies, its eclectic decor, sticky carpet and 2am closing, the bar has been open since 1981 and draws its name from the cheeky possums that used to hang over the door frames in the hope of being fed by patrons.
Over the years it has been visited by Billy Joel, Chris Hemsworth and Hugh Jackman, following in the footsteps of many thousands of late-night would-be singers and revellers.
It was first owned by John Oseckas and Margurite Smith, who paid $913,000 for the 164-square-metre building with a two-bedroom apartment upstairs in 2002. A price guide of about $2.5 million has been suggested.
In 2021 the nightclub was bought by investor Robert Patterson through his entity Co.As. Calling himself “Possum Bob”, he refurbished it, but kept the eskies, before reopening post-pandemic. Patterson also emerged in early 2023 as the buyer of Sydney’s Italian Forum site in Leichhardt.
He submitted plans to redevelop the Pickle, as its known, into a $15.6 million, 78-room boarding house with a ground-floor bar, but was knocked back by the North Sydney Council in November 2024.
Vacant possession is being offered, but Johan Jur, who is still operating the bar, is keen to negotiate a new lease with a purchaser.
HTL Property with agents Sam Handy, Andrew Jolliffe and Ben Kennedy are working under instructions from Joseph Hansell and Vaughan Strawbridge of FTI Consulting who are the joint receivers and managers.
Chanel opens
Sydney’s love affair with luxury retail is legendary and keen shoppers have been spotted browsing through the new upmarket Chanel store in Westfield Sydney’s Market Street mall.
It is the anchor tenant in Westfield owner Scentre and Cbus Property’s $360 million luxe retail and residential project. While luxury retail is under some pressure, the sales are still higher than middle-market brands, and more upmarket labels are looking for sites.
Designed by architect and long-time Chanel collaborator Peter Marino, the new boutique is laid out over two floors with salons for ready-to-wear, handbags, and shoes, as well as an adjacent watches and fine jewellery boutique.
Keen shoppers have been spotted browsing through the new upmarket Chanel store in Westfield Sydney’s Market Street mall.Credit: AP
Personalised shopping services are available. Moncler, an Italian luxury brand, an Omega watch boutique, and Australia’s first Canada Goose outlet are also calling the precinct home.
Meanwhile, jeweller Fairfax & Roberts has relocated from its flagship store of three decades at 44 Martin Place to Sydney Arcade on the corner of King Street. The lease was negotiated by Knight Frank’s Alex Alamsyah.
Contact carolynannecummins@gmail.com
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