This article is from the Australian Property Journal archive
A Japanese-inspired rooftop restaurant and a high-end Swiss timepiece retailer will complete the line-up of retail offerings at Sydney’s newest luxury hub, as strong high-end retail sales prompt more openings and expansions in the sector.
The 388 George Street retail precinct is part of the 28-level commercial tower and five-level retail podium that is jointly owned by Brookfield Properties and Investa Gateway Office Fund (IGO).
Hospitality group ESCA will open a new rooftop restaurant and bar experience, JOJI, in the third quarter of 2024, while luxury retailer Swiss Concept is set to open in the middle of the year, joining luxury brand Cartier on George Street. JOJI will occupy 310 sqm of rooftop dining space, while Swiss Concept will occupy a 460 sqm store.
Swiss Concept specialises in Swiss timepieces, and is custodian to notable brands including Rolex, Breguet, Blancpain, Glashutte-Original and Tudor.
“The luxury retail landscape in the Sydney CBD has truly evolved, with iconic global brands now flocking to George Street and nearby King Street. We wanted to be part of this new revolution in luxury retail and saw 388 George Street as the perfect opportunity for us to do so,” said Kellee Hau, operations manager of Swiss Concept.
Luxury sales have been strong since COVID. Ibis World data shows luxury retail has grown over the past five years, and Australia’s luxury goods market is projected to grow by 3.7% from 2023 to 2028, resulting in a market volume of around $12.6 billion.
Upcoming luxury retail openings in the Sydney CBD include another store by Chanel, as well as Bottega Veneta, Longines, Moncler, Omega and Saint Laurent.
The Cartier flagship at 388 George Street was recently designated as one of the 18 new “World’s Most Beautiful Shops and Stores” in 2023 by the selection committee for the Prix Versailles – The World Architecture and Design Award at UNESCO. According to Knight Frank it is one of the top five luxury jewellery performers in the Sydney CBD based on sales.
Meanwhile, ESCA is the hospitality group behind Sydney venues including AALIA, Nour, Lilymu, The Lobbyist, and the newly opened Itō. JOJI at 388 George Street will be located on the rooftop of the retail podium, modelling its namesake and interior after 1960’s “Googie” architecture – a futurist design style popularised by mid-century architect John Lautner.
JOJI will serve up fresh raw dishes and Japanese yakitori along with an extensive drinks menu.
“We’re excited to join the existing line-up of distinguished brands already operating within the 388 George Street building, and to offer an unapparelled bar and dining experience,” said Jorge Farah, co-founder and executive director at ESCA Group.
Locali by Romeo’s operates its signature European food hall concept on the 388 George Street tower’s lower ground floor.
