Luxury fashion retailer Harrolds has, effective immediately, shuttered its Pacific Fair, Gold Coast, location after months of negotiations with landlord AMP Capital fell through.
The menswear and womenswear store, situated across two levels, was launched in 2016.
“We have had to pull many levers during the last 12 months to mitigate the impacts of Covid-19 to our business nationally, including reducing operating expenses and attempting to negotiate revised rental agreements,” said Harrolds’ managing director Ross Poulakis.
“Unfortunately, we have been unable to come to an agreement with AMP Capital and we will exit the Pacific Fair centre.”
The luxury firm’s Gold Coast site was the least affected by the impact of Covid-19, but the overall impact on the business meant Harrolds has been unable to keep up the required level of investment.
Poulakis said it isn’t financially viable to continue at Pacific Fair specifically, but that it will consider other locations in Brisbane in order to relaunch physically in Queensland within the next 18 months.