Microsoft to open flagship Pitt Street Mall store in Sydney
In this article (5)
Pitt Street Mall in Sydney has morphed into the playground of the rich and famous, with Microsoft, founded by Bill Gates, said to be the latest international name to have signed up a flagship store along the strip.
In the most recent Main Streets Around the World survey by Cushman & Wakefield, Pitt Street Mall was named the fifth most expensive strip in terms of rent, and only sits behind New York’s Upper Fifth Avenue, London’s Bond Street and Hong Kong’s Causeway Bay. The average rent is about AUD10,000 (USD7787) per square metre, per annum.
It is said the computer giant’s first major site in the country will be where the Guess was and could even spill over to the next-door space which was, until recently, leased by Cue. If the two stores are leased the site will total about 650 square metres over two levels.
Questions & Answers
Q.What is the typical annual rent for a retail space in Pitt Street Mall?
What is the typical annual rent for a retail space in Pitt Street Mall?
The average annual rent in Pitt Street Mall is approximately AUD10,000 per square metre. This makes it one of the most expensive retail locations globally, as noted in a recent Cushman & Wakefield survey.
Q.Where in Pitt Street Mall will Microsoft's new flagship store be located?
Where in Pitt Street Mall will Microsoft's new flagship store be located?
The new store will reportedly be situated where the Guess store previously operated. There is also a possibility it could expand into the adjacent space that was formerly leased by Cue, creating a larger retail footprint.
Q.How large will the Microsoft flagship store be if it occupies both potential sites?
How large will the Microsoft flagship store be if it occupies both potential sites?
If Microsoft leases both the former Guess store and the neighbouring space previously held by Cue, the flagship store will span approximately 650 square metres in total, distributed across two levels.
Q.How does Pitt Street Mall's rent compare to other major global retail locations?
How does Pitt Street Mall's rent compare to other major global retail locations?
Pitt Street Mall is ranked as the fifth most expensive strip for rent worldwide. It trails only New York’s Upper Fifth Avenue, London’s Bond Street, and Hong Kong’s Causeway Bay in terms of cost.
Reader pulse
Is this a good move for Microsoft?
23,671 votes so far