Fashion retailer Country Road Group is set to close a number of stores as declining sales push its South African parent company, Woolworths Holdings, to review its retail portfolio.
Among the closures is Country Road’s flagship store in Sydney’s Queen Victoria Building, according to the Sydney Morning Herald.
Its sister brand, Trenery, has also shut its store in the upscale suburb of Mosman.
The group is, however, planning to open a total of 10 new or refurbished stores over the course of this year.
“From time to time, we review our retail store portfolio to ensure we’re continuing to meet the needs of our customers,” said a Country Road Group spokesperson to Inside Retail.
“We are committed to delivering great experiences throughout our networks and we are investing in our stores, with 10 new or refurbished stores opening by the end of the year.
“This includes our beautifully renovated Mosman store reopening in September, a new Country Road flagship store in Queen Street, Brisbane opening in August and three new stores opening in Chatswood Chase in October,” said the spokesperson.
As part of Chatswood Chase’s redevelopment, the group will be opening a Country Road, a Trenery and a Witchery store.
The Country Road Burnside store, as part of the Burnside Village redevelopment, will see an expansion and refurbishment with an opening slated for October.
New Trenery, Mimco and Politix stores are set to open in November as part of the relaunch of the 260 Collins Street Centre in Victoria.
Additionally, the lease of the Country Road store on Pitt Street Mall ends in August 2028 when the brand will aim to find a more suitable location, if required.
Founded in 1974, Country Road is known for its stylish, smart-casual clothing for men, women, and children, as well as its range of homewares and accessories.
The company currently has more than 650 stores across Australia, New Zealand and South Africa.
In its most recent earnings report, Woolworths Holdings reported an almost 8 per cent decline in sales for the 26 weeks to December 29, while operating profit plunged 71.7 per cent to $14.2 million.
In a leadership shake-up last month, Country Road Group appointed former Debenhams co-CEO Steven Cook as its new chief executive, succeeding Raju Vuppalapati.
