A Harrolds Update

A Harrolds Update

Press Release

Wednesday, 28 April 2021

After five years at Pacific Fair, Gold Coast, luxury fashion retailer Harrolds today, announced that it would not be renewing its lease. Harrolds opened dedicated menswear and womenswear levels, totally 676sqm, amongst the fanfare of the $670 million re-development of Pacific Fair in August 2016.

In a statement released by Managing Director, Ross Poulakis, he said that ‘after months of negotiations with the landlord, AMP Capital, Harrolds would not take up its option to continue tenancy at Pacific Fair on the Gold Coast and that the multi level store would close on Wednesday 28th, April 2021.'

The effects of the Covid-19 pandemic have contributed to the company’s decision not to continue its lease option with Poulakis citing extensive efforts have been made to reduce the impact of Covid-19 to the business.

“We have had to pull many levers during the past twelve months to mitigate the impacts of Covid-19 to our business nationally including reducing operating expenses and attempting to negotiate revised rental agreements. Unfortunately, we have been unable to come to an agreement with AMP Capital and we will exit the Pacific Fair centre,” said Poulakis.

Poulakis goes on to say, ‘in comparison to our Melbourne and Sydney stores, Harrolds Gold Coast has been the least affected by Covid-19 restrictions; but the pandemic has meant that we haven’t been able to make the required level of investment. It unfortunately isn’t financially viable for us to continue with the Pacific Fair location.’

Harrolds has had great success on the Gold Coast - from curating the world’s best fashion and accessories, acting as a luxury fashion leader and playing an integral role in world-class events including the Magic Millions.

Harrolds will consider other locations in Brisbane with the view of having a presence in Queensland within the next 12-18 months. At present, Harrolds will continue to serve its loyal clientele in Queensland through its online platform, harrolds.com.au.

For further information, please contact AMPR:
Kathryn McLean
Senior Communications Director
0423 507 385