To focus on Elizabeth Street store restructure.
South Africa’s Woolworths Holdings has formally put Sydney’s David Jones ‘men’s store’ on the market for the first time in a century in a high profile international campaign, amid a restructuring of the department store business. Scentre Group, who own the adjacent Westfield Shopping Centre have already confirmed their interest in buying the site.
The international marketing campaign spearheaded by CBRE’s Scott Gray-Spencer, Josh Cullen and Rick Butler will kick off in March.
Woolworths Holdings chief executive Ian Moir told Sydney Morning Herald that the campaign is expected to attract large numbers of prospective buyers from the Chinese market.
“We expect a lot of excitement and engagement, particularly from the Chinese market,” Moir said.
“Given we are owners of the adjoining, high performing, Westfield Sydney, we would be an interested party in any sale of the David Jones stores. We look at any opportunity to expand our footprint,” Scentre chief executive Peter Allen said.
David Jones COO David Thomas said the sale would allow the company to focus on the restructuring of its neighbouring Elizabeth Street store.
“Our aim is transform the Elizabeth Street store into the Southern Hemisphere’s leading department store. We believe that having a neighbour with such strong attributes in this vibrant precinct will serve as an added attraction to any potential purchaser and we look forward to the sale process.”