Industry News

Mosaic Brands re-opens Westfield-based stores

Mosaic Group reopens stores in Westfield centres

Mosaic Brands (ASX:MOZ) has announced that following successful negotiations with Scentre Group (ASX:SCG), all non-Victorian stores in Westfield shopping centres have now reopened. Mosaic Brands Ltd in recent times has grown to be the largest specialty fashion retailer group in Australia. Their retail brands include Millers, Rockmans, Noni B, Rivers, Katies, Autograph, W. Lane, Crossroads and Beme, and trade in almost 1,400 stores nationally.

By agreement with Scentre Group the commercial terms remain confidential. Victorian stores remain closed due to Stage 3 and 4 restrictions in the state.

Mosaic Chairman, Richard Facioni said: “We’re pleased to have reopened our Westfield stores over the weekend following a mutually agreeable outcome to our negotiations with Scentre Group. Our Victorian stores remain temporarily closed for health and safety reasons. We look forward to reopening those stores as soon as it is safe for our team and customers to do so.

One of the most established fashion retail brands Noni B will reopen stores in Westfield centres

“We have had a long-standing relationship with Westfield enabling us to reach a solution that worked for both parties. This is a good outcome for Mosaic and, in particular, the 400 affected team members. As we noted last week, shuttered stores work for no one”, Facioni said.

In Scentre Group’s recent results announcement, Scentre Group CEO Peter Allen said “We acknowledge that this has been a difficult time for our customers and our retail partners.  We have supported our retail partners throughout this period on a case-by-case basis. We have done this without receiving financial assistance from Government. We have agreed arrangements with 2,438 of our 3,600 retail partners, including 1,624 SME retail partners.”

As detailed in its recent FY20 results announcement, the Group will continue to negotiate with landlords nationally to achieve commercially sound lease terms consistent with the fundamental shift the Group sees in the retail rental market. While the Group will seek to minimise future store closures, it continues to anticipate the potential closure of 300-500 stores over the coming 12 – 24 months.

About the author

Shopping Centre News

Shopping Centre News is the leading publication for the shopping centre industry in Australia and New Zealand.

SCN is one of the most authoritative publications in the world for the shopping centre industry. Each issue contains articles on Design, Legal issues, Marketing, Leasing, Centre Management and Development. It features contributions by industry experts from around the globe. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square meter and Specialty Shop turnover per square meter for every major centre in Australia.

Add Comment

Click here to post a comment