IPM Property is progressing plans for its third development in Mona Vale in Sydney's Northern Beaches, and its latest will be the biggest yet.

IPM, led by Steven Sroba and Chris Webster, has filed a State Significant Development Application to the NSW Government's Housing Delivery Authority for 82 apartments on a prime 6,122 sqm site stretching across <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and just under 800m from Mona Vale town centre.

They've had <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> draw up the plans for the three-building development which will offer a mix of 26 two-bedroom units and 56 three-beds with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a>.

According to the Design Report by PBD, the built form "responds to the site’s natural fall, solar orientation, and established vegetation, creating a layered architectural expression that balances scale, materiality, and landscape”.

<img alt="159-167 Darley Street West, Mona Vale" data-entity-type="file" data-entity-uuid="44040ed2-13c6-4f18-8326-a51467cb8532" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Mona%20vale%20pers.png?VersionId=4H1gEiyyCX2yT_fYV6kAdWaaVlCttC6P" />

The proposal aims to maximise passive design outcomes, with the site’s northern orientation supporting solar access and cross-ventilation. Building footprints have been shaped to preserve high-retention trees and accommodate an overland flow path, which runs diagonally through the rear of the site.

The development includes several sustainability initiatives, such as full electrification, EV charging provisions, and generous communal open spaces integrated across the ground and rooftop levels. As outlined in the planning documents, the buildings have been stepped in both plan and elevation to reduce bulk and provide separation to adjacent dwellings, in line with the Apartment Design Guide and local controls.

The project site falls just within the 800-metre radius covered by the NSW Government’s Low and Mid-Rise Housing Reforms, which entered their second stage in February 2025. These reforms introduce specific planning controls that significantly increase the potential for medium-density housing growth within 800 metres of the Mona Vale town centre.

<img alt="159-167 Darley Street West, Mona Vale" data-entity-type="file" data-entity-uuid="5df61e6d-0696-4c1e-81c2-8d3535228878" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_9.png?VersionId=vWjI2oCZhAkCPKv4xMEVLdVNkn.keD6_" />

IPM has been active in the local market for several years. Its recent projects include Maya on Bungan Street near the town centre, a 33-apartment development completed in late 2024, and Iluka on beachfront Golf Avenue, a boutique project of just 14 apartments. Iluka set a local record in 2021 when a full-floor, three-bedroom apartment sold off the plan for $4.775 million.

Nearby in Palm Beach, IPM is also delivering Snappermans, a collection of just five luxury apartments designed by Koichi Takada Architects, located steps from Pittwater. The developer has also recently completed Como Coogee, a 20-apartment development on Carrington Road.

Joel Robinson

First look: IPM plans third Mona Vale project

With demand for high-quality family homes in the inner west continuing to rise, young families are increasingly turning to new forms of multi-generational living.

At <a href="https://www.apartments.com.au/buildings/ashbury-terraces-ashbury-165-171-milton-street-ashbury-nsw-2193">Ashbury Terraces</a>, Nikki Pham and Danny Lai are among the growing number of residents choosing the precinct for its space, design integrity and strong sense of community.

For Nikki and Danny, purchasing a three-storey terrace was about securing a long-term home for their young family. Having spent most of their lives in the inner west, they first discovered the project while it was under construction.

“We walked past and had a look during the build and instantly felt the vibe. It had everything we were looking for,” said Nikki.

A return to green, open spaces was a major drawcard after living closer to the CBD.

“We like going for walks, and here it feels like a mini oasis while still being central to everything we need,” she said.&nbsp;

[smartcode_project:default project_id=112253 project_image_fid=354944]

Inside, the couple were immediately drawn to the craftsmanship.&nbsp;

“I love the Calacatta marble and timber detailing. If I’d designed it myself, these are exactly the fittings and fixtures I would have picked,” Nikki said. “There’s actually very little I’d change.

“We’ve found the craftsmanship has been great and I believe the beautiful arches and curves, including on our stunning staircase, are all made by hand.”

Since moving in with their seven-month-old baby in mid-August, the family has been making the most of the amenities, especially the pool.&nbsp;

“We love using the shallow area with the baby. It’s great for kids, and the sunbeds are perfect when it’s not too hot,” Danny said.

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The home features kitchen, living and dining areas on the ground floor with courtyard access to the pool, two bedrooms and a study on the middle level, and a master suite on the top floor. The proximity to local parks, childcare, and schools also made it an easy choice.

Nikki has noticed the project is sparking interest from the extended families of new residents.&nbsp;

“Several of our neighbour’s parents have now bought here too. It’s ideal for multi-generational living because everyone has their own space but you’re still close by.”

<h2>A growing trend in the inner west</h2>

Aras Labutis, Head of Urban Transformations at <a href="https://www.apartments.com.au/developers/coronation-property">Coronation Property</a>, said families like Nikki and Danny’s reflect a broader shift.

“Ashbury Terraces was designed for families at different life stages who want to stay connected to the inner west, including multi-generational households," Labutis said.

"Some terraces even include lifts, which make them ideal for older residents who want to remain independent while living close to children or grandchildren."

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Recent ABS data shows around one in five Australian households is now multigenerational, following a 22 per cent rise in the five years to 2021.

“The demand we’re seeing aligns with broader national data showing ongoing growth in multi-generational living as families look for practical, long-term solutions in well-connected suburbs.”

<h2>Milton Estate launches as the precinct’s next chapter</h2>

Following this strong response, Coronation is now registering expressions of interest for Milton Estate, the next evolution of the precinct. Strong sales and sustained interest in family-focused inner west homes have underpinned the decision to bring this next stage to market sooner than anticipated.&nbsp;

[smartcode_project:default project_id=112253 project_image_fid=358839]

The new collection continues the same design principles, quality materials, heritage sensitivity and family-focused layouts, and its launch reflects demand from both local buyers and extended families who want to remain part of the growing community at Ashbury Terraces.

<h2>A new neighbourhood taking shape</h2>

Designed by award-winning architects <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, and brought to life with landscaping by <a href="https://www.apartments.com.au/landscape-architect/360-degrees-landscape">360 Degrees</a>, Ashbury Terraces comprises 136 residences across five low-rise buildings, supported by amenities including a pool, gym and landscaped communal spaces.

For Nikki and Danny, it already feels like a place to grow for years to come.

“We’ve found great childcare nearby, and Ashbury Primary and Trinity Grammar are within easy reach. There are other excellent public and private school options too,” Nikki said.

“It’s hard to find something like this in the Inner West,” she added. “It’s certainly unique in <a href="https://www.apartments.com.au/developments/ashbury-nsw-2193">Ashbury</a>. We’ve got everything we need here and it already feels like home.”

[smartcode_project_cta:default project_id=112253]

Staff Writer

Ashbury Terraces proves a perfect fit for growing families and multi-generational living

An exclusive collection of luxury Sky Homes featuring sweeping water views, each with their own private rooftop terrace and marina berth, are part of the latest release at Lewis Land’s visionary <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplanned community.&nbsp;

The Sky Homes, which sit within the Signature Collection, have been designed by&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>&nbsp;and&nbsp;feature contemporary light-filled coastal interiors, accented by natural textures of timber and stone. The homes range from 282 sqm to 367sqm and offer three bedrooms, three bathrooms, multiple living zones, three car parks, large private balconies, and their own rooftop terraces. &nbsp;

[smartcode_project:default project_id=113271 project_image_fid=359204]

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the three double-storey Sky Homes occupying the &nbsp;upper levels of The Waterline apartment building formed part of the masterplan’s Signature Collection of &nbsp;luxury residences. &nbsp;

“The exclusive Sky Homes are more than penthouses, they are double-storey homes featuring expansive living spaces and outdoor terraces,” Mr Long said.&nbsp;

“Located on levels five and six of The Waterline, each Sky Home includes its own private marina berth with direct Broadwater access and carefully curated high-end finishes throughout.”&nbsp;

&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=359206]

The launch of The Signature Collection coincides with the milestone topping out of The Waterline, the first of three residential collections being delivered in the first stage of Harbour Shores.&nbsp;

Residents will also have access to a private pool and other resident-only amenities including a large &nbsp;lagoon pool, social clubhouse, tennis court, gym, yoga and sauna facilities. &nbsp;

Prices for the Sky Homes start from $3.65 million. &nbsp;

&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=290031]

The Signature Collection also features The Residences, an exclusive release of six premium waterfront villas, positioned directly on the 1.2km waterfront boardwalk.&nbsp;

The Residences offer more than 350 sqm of contemporary living with premium finishes throughout and &nbsp;dining spaces that flow seamlessly to the outdoor entertaining area on the ground floor. Each have their own private plunge pool overlooking the water, and a private marina berth.

All villas include two secure car parks and residents have access to the extensive amenities within the broader precinct. Prices start from $3.05 million. &nbsp;

[smartcode_project:default project_id=113271 project_image_fid=290030]

Harbour Shores is a resort-style community focused on lifestyle and wellness where neighbourhoods &nbsp;are connected by extensive landscaping, green spaces and pedestrian networks, including a 1.2- kilometre waterfront boardwalk.&nbsp;

Boasting a 6 Star Green Star Communities V1.1 rating, the highest level of sustainability of any project &nbsp;on the Gold Coast, Harbour Shores will deliver more than 2,000 homes over the next decade.&nbsp;

Colliers is marketing Harbour Shores, and has seen significant demand from local owner-occupiers.

[smartcode_project_cta:default project_id=113271]

Lewis Land unveils Harbour Shores’ double-storey sky homes with private marina berths

PERIFA's Rozelle Village in Sydney's Inner West is the first project to receive funding as part of the&nbsp;Minns Labor Government’s Pre-sale Finance Guarantee program, a programme aimed at fast tracking new homes across the state.

More than 225 new apartments, including 59 affordable homes, will now start construction sooner as part of the $285 million Rozelle Village revamp of the derelict former Balmain Leagues Club site on Victoria Road, which received state significant development approval last year under the Infill Affordable Housing pathway.

The mixed-use precinct also includes retail spaces, community facilities, and a public plaza.

[smartcode_project:default project_id=8142 project_image_fid=335]

The Guarantee is supporting 32 affordable homes off the plan, giving developer PERIFA confidence to secure construction finance and deliver much-needed homes in the Inner West.

This arrangement gives the developer time to lock in a community housing provider to purchase and manage the project’s affordable homes, with a guarantee the Government will buy the 32 units if the level of qualifying pre-sale requirements is not met prior to project completion expected in 2028.

Since the launch of the program in October, 31 expressions of interest have been received from developers across the state, with a third of these already invited to submit full applications.

[smartcode_project:default project_id=8142 project_image_fid=325]

In addition to the <a href="https://www.apartments.com.au/new-apartments/rozelle-village-rozelle-152-victoria-road-rozelle-nsw-2039">Rozelle Village</a> project, over $100 million worth of pre-sale commitment requests have been received and are currently under assessment. If approved, this support will unlock the construction of over 350 new homes across metropolitan Sydney and regional NSW.

Under the Pre-sale Finance Guarantee, the Government may commit to buy, off the plan, up to 50 per cent of homes in approved developments, valued at up to $2 million each. Support can range from $5 million to $50 million per project, the Guarantee then allows developers to achieve commercial construction finance.

Up to $1 billion in pre-sales over the next five years will be supported through the revolving fund, making sure more projects can move from approval to construction.

The challenge of meeting pre-sale requirements is one of the most common issues cited by stakeholders in securing finance, and has been outlined as a key hurdle for industry in the NSW Productivity and Equality Commission’s Review of housing supply challenges and policy options for New South Wales. Only developers and projects that meet strict criteria for credibility, capability, and capacity to deliver are approved and invited to participate in the program.

&nbsp;

Treasurer Daniel Mookhey said the program is a "smart use of the State's balance sheet."

“This is exactly what the $1 billion Pre-sale Finance Guarantee was designed to do - move approved projects from paper to construction," Mookhey said.

“By providing a targeted pre-sale guarantee, we’re giving the market the confidence it needs to secure finance and start construction, without the Government having to spend a dollar upfront."

Minister for Planning and Public Spaces Paul Scully said Rozelle Village is a great example of how Labor's housing reforms and initiatives are working together to deliver great results.

“The Pre-sale Finance Guarantee uses the Government’s strong credit standing to help bring to life prime housing developments, including sites like this one in Rozelle that sat dormant for years. It allows more new homes to be delivered faster, creating jobs, and easing housing pressure for families across NSW.

&nbsp;

“This project was approved under the Infill Affordable Housing Pathway to deliver 59 affordable homes and now, through the Pre-sale Finance Guarantee, we’re making sure those homes are built sooner.

“By removing planning and financial roadblocks, we’re giving developers and lenders certainty, boosting housing supply, and creating vibrant communities where people want to live which means more people in more new homes quicker.”

PERIFA Group Managing Director Fabrizio Perilli said Rozelle Village is set to become the Inner West’s most vibrant, mixed-use precinct catering to the local community and residents.

“The location provides excellent access to local employment and the critical Infrastructure that key workers rely on every day.&nbsp; Strong demand for our development is already evident, with pre-sales for market homes exceeding expectations. As the first developer to be accepted into the NSW Government Pre-Sale Finance Guarantee, we are now able to accelerate construction of these much-needed homes, while working to secure the right Community Housing Provider, ensuring long-term social impact and community benefit.”

[smartcode_project_cta:default project_id=8142]

Are more homes on the way? NSW Gov backs first project in Pre-Sale Finance Guarantee program

Fresh off completing Pienza Neutral Bay, developer <a href="https://www.apartments.com.au/developers/central-element">Central Element</a> is preparing its next move in the coveted Lower North Shore suburb.&nbsp;

Central Element (CE) has lodged plans for an eight-storey apartment building at <a href="https://www.apartments.com.au/new-apartments/54-64-barry-street-neutral-bay-nsw-2089">54–64 Barry Street</a>, a 1,659 sqm site just south of Military Road and the Neutral Bay town centre.

The $52 million development will involve the demolition of four detached homes across four lots to deliver 45 apartments, including eight affordable housing units to be managed by Bridge Housing. The mix will comprise six one-bedroom apartments, 24 two-beds, and 15 three-beds. The apartments will sit above three basement levels with 62 car parking spaces and 50 bicycle spaces.

<a href="https://www.apartments.com.au/architects/mhn-design-union">MHN Design Union</a> (MHNDU) has returned as architect following its work on Pienza, again shaping a mid-rise form with a clear street presence. The design features a lower four-storey podium element that responds to surrounding context, with upper levels recessed to reduce perceived bulk. Communal open space is proposed both at ground level and on the rooftop, the latter including an outdoor kitchen and swimming pool.

“The building has been designed with a lower four-storey element and with building materials commensurate with the character of the area,” Beam Planning noted in its submission to the North Sydney Council.

<img alt="Barry Street, Neutral Bay Nsw 2089" data-entity-type="file" data-entity-uuid="3a28ab3a-b8ba-4476-81cd-e4a8bb84f3a7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Barry-Street-Neutral-Bay-1327x742.png?VersionId=hlgvxszAWXIHgHtdR5HiwIKiSli2lLZV" />

Bridge Housing will manage the affordable units for a period of 15 years, as required under the Housing SEPP’s incentive provisions.

MHNDU’s design report further highlights the site's strategic location just 250 metres from key bus stops and 1.3 kilometres from North Sydney CBD, positioning it for transit-accessible housing supply. In their planning justification, the design team emphasised the site’s compatibility with emerging local character and scale.

Central Element has a solid apartment pipeline spread all over Sydney. They recently completed&nbsp;Pienza, 37 apartments just 500 metres away from the new project, and are currently building Ethos Chatswood, Ballamac House in Coogee, and Bianca on the harbour in Drummoyne.

They have plans for future projects in Mosman, Bondi Beach, Greenwich, Lavender Bay, along with a tower on the edge of Hyde Park.

First look: Central Element unveils second Neutral Bay apartment project

David Jones

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A joint venture between Cbus Property and Scentre Group could see David Jones former men's clothing department become Sydney's next luxury destination. Plans have been lodged for an exciting $300 million transformation of the existing department store into a 49-storey multi-use tower which will also house Sydney's Flagship Westfield department store, and link to its neighbouring Westfield store via a pre-existing bridge and tunnel. 

<blockquote>
“At the heart of these plans is the unequalled opportunity to transform an iconic site from Sydney’s past into a contemporary precinct offering experiences and ambience that reflect the lifestyle and aspirations of our global city.”

- Greg Miles, Scentre Group Chief Operating Officer
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2019-04-26_at_3.31.21_pm.png" rel="gallery-all" title="77 Market Street, design by FJMT. Credit: David Jones"><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2019-04-26_at_3.31.21_pm.png?itok=J5e12rh9" title="77 Market Street, design by FJMT. Credit: David Jones" width="580"></a>

<figcaption>77 Market Street, design by FJMT. Credit: FJMT</figcaption></figure>A design competition was held with award-winning architects selected to submit their vision for the new development including FJMT, Bates Smart, John Wardle Architects, Make Architects, Woods Bagot with AL_A, and Sydney Architecture Studio with OMA.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2019-04-26_at_3.31.11_pm.png" rel="gallery-all" title="Selected design by FJMT. Credit David Jones"><img alt="" class="image-article-full-width-580px" height="323" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2019-04-26_at_3.31.11_pm.png?itok=9El6O3pH" title="Selected design by FJMT. Credit David Jones" width="580"></a>

<figcaption>Selected design by FJMT. Credit: FJMT</figcaption></figure>The selected design by FJMT has seamlessly interwoven the historical context of the existing building with a brand new 22-level modern tower set to sit atop the iconic building. Lower levels will house the new Westfield outlet and premium office space, while the new tower will feature 100 highly coveted boutique apartments. The apartments are positioned to boast spectacular views spanning the CBD, Sydney Harbour and Hyde Park. Strong market interest for collection of luxury apartments is to be expected due to the buildings unparalleled location, views and design. 

<blockquote>
"The addition of the residential tower to the existing building has been designed to have a striking presence on the Sydney CBD skyline.”

- Adrian Pozzo, Cbus Property Chief Executive
</blockquote>

After noticing a significant increase in demand for luxury goods by Westfield customers, the additional space will allow Westfield to increase its luxury collection to approximately 10,000 square metres over three levels.

<blockquote>
“Combined with the existing Westfield Sydney and David Jones’ $200 million investment into its Elizabeth Street store, the development of the David Jones Men’s store site will cement the precinct as Sydney’s pre-eminent luxury retail destination.”
</blockquote>

- Greg Miles, Scentre Group Chief Operating Officer

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/77-market-pic-1024x433.jpg" rel="gallery-all" title="The original historic building. Credit: David Jones"><img alt="" class="image-article-full-width-580px" height="245" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/77-market-pic-1024x433.jpg?itok=glodixII" title="The original historic building. Credit: David Jones" width="580"></a>

<figcaption>The original historic building. Credit: David Jones
</figcaption></figure>
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Olivia Round

The $300 million overhaul: A luxurious future for Sydney’s David Jones menswear store

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David Jones is pressing ahead with its first stand-alone gourmet food store under its new owner, South African retailer Woolworths Holdings.
It has plans to open in the up-market Capitol Grand retail arcade development on the Chapel Street and Torook Road, South Yarra corner.
Its scheduled opening is in 2019.
The Capitol Grand store will be about 500 square metres. Larry Kestelman, with financial backing from the US investment bank Goldman Sachs, is currently constructing the $700 million Capitol Grand luxury high-rise tower. Over 75 per cent of the 500 apartments across the two towers have been sold with about 80 per cent of purchasers owner-occupiers. One-bedroom apartments in the LK Property Group development start at $700,000.
David Jones will also open a food hall in its suburban Malvern store in Melbourne in March.
It plans to spend at least $100 million over three years building a retail food business, restoring its reputation for gourmet food, differentiating the department store from rival Myer and also protecting sales from new competitors such as Amazon.
The strategy includes building a new food hall in the flagship Elizabeth Street store to replace its Market Street store in Sydney.
Most of the products, including 90% of the store's fresh food offering, will carry the new David Jones Food brand, which was launched last year.
David Jones chief executive David Thomas hopes the new proposition will resonate strongly with the local customer.
The Insider Retail website reported David Jones said that the new store format store was designed with an emphasis on fresh premium produce including pre-packed meat and seafood, and a comprehensive convenience selection comprised of pre-prepared vegetables, salads and fruit as well as innovative, restaurant-quality ready meals.
Most of the fresh produce and ready-made meals will be supplied by In2Food, a South African-based company which is the largest food supplier to Woolworths Holdings.
Last week Woolworths cut the value of David Jones by $712 million - around 34% - citing poor execution of its previously announced turnaround plans along with emerging structural changes in retailing.
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j.ballantyne1990-6AQqhLzZaK

David Jones plans Capitol Grand, South Yarra food store

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Scentre Group, jointly with Cbus Property, has purchased the David Jones Market Street building in Sydney’s CBD for $360 million.
David Jones owner, South Africa’s Woolworths Holdings had the property offered through real-estate agents Simon Fenn of Savills, inconjunction with CBRE, with the Lowy-family backed Scentre always keen to expand its retail prescence.
Property tycoon Frank Lowy, ahead of resigning from Scentre in May, is understood to have played a major role.
David Jones will use the sale proceeds to help back the redevelopment of its adjacent flagship Elizabeth Street store.
The Scentre group’s share of the purchase price is $182.5 million with Cbus Property paying the balance of $177.5 million.
David Jones will continue to occupy the site until late 2019 under a lease agreement providing a 4.5% per annum rental return on the acquisition price.
During the leaseback period, the co-owners will obtain the necessary approvals to redevelop the site when David Jones vacates the building. 
On completion, the redeveloped 77 Market Street site will comprise approximately 10,000 square metres  of luxury retail space integrated with Westfield Sydney.
In addition Cbus Property will convert the balance of the existing building to provide quality office space and develop a luxury residential tower above, overlooking Hyde Park.
Scentre Group will own, develop, design and build the retail elements of the site.
Scentre Group CEO Peter Allen said the transaction was a rare opportunity to significantly expand our flagship Westfield Sydney centre. 
The 77 Market Street site will provide the opportunity for further luxury retail and high-quality food, which combined with our existing Westfield Sydney and David Jones’ planned $200 million investment into the adjacent Elizabeth Street store, will reinforce the precinct as Sydney’s pre-eminent luxury retail destination.” 
Adrian Pozzo, Cbus Property CEO said 77 Market Street provided another excellent opportunity for Cbus Property to demonstrate its core capabilities in residential and commercial development in what will be a vibrant mixed use building in an exciting location with unrivalled amenity.
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jchancellor-FAypfDUnLy

CBUS and Scentre team up to secure David Jones Sydney store

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GUEST OBSERVER
Australian department store retailers David Jones and Myer have both recently moved to rationalise the number of clothing brands they offer in their stores.
This strategy brings two common retail sayings to mind. First “to win in retail, you can’t be everything to everyone”, and second, “if you’re not growing, you’re going backwards”.
<h2>In retail, you can’t be everything to everyone</h2>
“It is high time we retailers realised that we cannot be all things to all people. When we try to do that, we end up with no particular appeal for anybody.”– Martineau, Pierre “The personality of the retail store” (1958).
These sentiments have never been more pertinent than in today’s retail environment where competition is fierce to secure market share and squeeze what little growth is left out of mature fashion apparel markets.
Maturity is forcing retailers to take one of two routes to compete for share of customers’ wallets: competing on price, or competing on superior benefits that are highly attractive to specific customers. While price is still an important part of the retail mix for upmarket department stores such as DJs, for the most part these retailers have left this price war to the discount end of the market – Kmart and Big W. Taking the second route to compete – provision of unique benefit to customers – requires retailers to make choices after defining their target customer.
Taking a walk through either a DJs or Myer store just five years ago would have given one the sense that these were “upmarket” retailers with a premium image and expensive brands to boot. Defining exactly who they were targeting, however, would have proved more difficult. With store floors cluttered with an eclectic range of brands and own label clothing, it would seem that they were targeting anyone who could shop in their stores and were prepared to pay the prices.
The entrance of savvy global retailers into the Australian apparel market, such as H&amp;M and Woolworths SA, combined with shifting expectations of customers has changed the clothing retailing game. Searching for growth in a crowded market is forcing retailers like DJs and Myer to carve up the market into different consumer segments, and target a few specific segments with their offers. As Daniel Bracken, Myer’s chief merchandising and marketing officer, says<a href="https://m.theage.com.au/business/retail/myer-clears-out-private-labels-as-part-of-brand-cull-20150729-gimzin">:</a>
“We have a very clear focus on who the most valuable customer is to our business and that’s what is driving us to put these new brands in our business.”
Identifying and targeting attractive customer segments in the market requires a deep understanding of who they are, where and why they shop; and strategic shifts in the retail offer.
The recent reductions in the ranges offered at Myer and DJs – around 100 and 180 brands from their respective brand portfolios, shows they are in the midst of significant transformation. This means shifting from a store for everyone (my store, Myer) to a focus on specific customer segments. Undoubtedly these retail transformations are focused on growth.
<h2>In retail, if you’re not growing, you’re going backwards</h2>
A key metric that clothing retailers live and die by is gross margin return on investment – GMROI. That is, how many gross margin dollars are earned on every dollar of inventory investment.
There are two ways to grow GMROI in retail: (1) increase sales to the customer; and (2) decrease internal/inventory costs. In reducing their ranges and moving to increase the floor space dedicated to targeted branded and own label ranges, retailers DJs and Myer are seeking to improve ROI from both directions.
If implemented well, these range reductions will also benefit shoppers. For instance, fewer brands on the shop floor reduces clutter and increases the visibility of the brands that are ranged, making it easier to shop. Fewer brands on the shop floor should also lead to reduced out-of-stocks – which is a top source of dissatisfaction for customers and a key reason to take their wallet to another retailer, permanently.
So what does this mean for small, local apparel brands? Undoubtedly the range rationalisations in DJs and Myer will impact wholesalers and small local labels that relied on these retailers stock and sell their offers. Increasingly, however, we are seeing branded manufacturers bypassing the big-box retailers and forging their own retail channels direct to their target customer through online stores, funky pop-ups and concept stores – such as the Bendigo-based family owned boutique furniture manufacturer Jimmy Possum. Unlike the grocery scenario in Australia, customers have power in this market and are prepared to shop in alternative channels for their clothing.
<h2>The vanilla-fication of clothing retail?</h2>
Is the brand rationalisation being played out on the store floors of Myer and DJs just the start of the “vanilla-fication” of clothing retail in the Australian market? Are we seeing a homogenisation and shift towards “blandsville” in the name of corporate profit growth and margin? Not likely.
What is more likely is that we are going to see smarter, tighter, and more targeted ranges of own label and supplier brands that reinforce the image of the retailer and resonate with their ideal customer.
Rather than banking the profit gains from these tighter ranges, expect to see DJs and Myer reinvesting these gains into tailoring the store environment to the target customer and delivering genuine, seamless omni-channel experiences across all retail channels – online, mobile, in store – to build a competitive edge.
The range reductions on the shop floor in DJs and Myer may herald a shakeup in the local market to a more exciting and innovative space, with local brands moving out from the shadows of the big-box department stores and establishing their own innovative routes to the customer – such as digital and pop-up, using their size and agility to carve out their own space.
Michal Carrington is lecturer in marketing at University of Melbourne and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/michal-carrington-181837" target="_blank">here.</a>
 
 
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Welcome to blandsville? Myer and David Jones embrace grocery-style streamlining

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David Jones, Australia's only upmarket department store, has fallen into the hands of South African retail giant Woolworths, in a deal worth $2.15 billion. 
Woolworths, which already has a majority shareholding in Country Road, has out muscled Myer, which had proposed a merger deal between the two departments. Myer withdrew its offer this morning.  
In an announcement to the ASX, the board of David Jones said it unanimously recommended the offer to its shareholder, which will see Woolworths acquire all of DJ's shares via scheme of arrangement. 
The proposed scheme offer is for $4 cash per share - reflecting a 25.4% premium to its closing price on 8 April. 
Woolworths chief Ian Moir said the combination of the two would create a "leading southern hemisphere retailer with meaningful scale, able to leverage common fashion seasonality with enhanced sourcing capability". 
"Woolworths will bring extra capability, financial strength and significant scale to accelerate these strategies and offer a greatly enhanced value proposition, delivering on-trend product within the most exciting and innovative shopping experience in the market".  
David Jones chairman Gordon Cairns described the proposal as "compelling", which represented a "significant premium to not only our intrinsic value but also to broker valuations and to recent share prices". 
"It represents a substantial earnings multiple". 
In reaching its conclusion, he also said the board considered a number of alternatives. 
Among them were "standalone value creation opportunities, realising the value of the freehold properties owned by David Jones or pursuing a merger with Myer. 
As at noon, the upmarket retailer's share price was up 23% or 73c to $3.923. 
Shareholders will have an opportunity to vote on the scheme proposal in late June.   
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