Global second-hand fashion fave eyes big entry to Geelong

News.com.au

6 hours ago

Global second-hand thrift retailer Savers has secured its first foothold in Geelong in a landmark deal.
Savers has signed a long-term lease at the former Rays Outdoors building at 340-344 Melbourne Rd, North Geelong, a store once famous for its outdoor rock wall feature with an angler in a dinghy and the mechanical gorilla inside.
The deal, brokered by Colliers, sees Savers take up 2390sq m of retail space in the high-profile corner location.
The lease follows the recent $8.5m sale of property, also negotiated by Colliers.
Savers is a for-profit company that's described as a champion of the circular economy, helping to drive millions of items from landfill each year across its Australian stores.
Geelong is the first Victorian Savers store outside Melbourne, where it has nine outlets in suburbs such as Footscray and Brunswick, where it's been described as more fashionable for hipsters to shop than buy brand new.
Shopping in its stores doesn't support any not-for-profit, but Savers buys donated, reusable goods from not-for-profits.
Its stores stock clothing and accessories, to shoes, homewares, books and furniture.
The firm said the lease would set a new rental rate per square metre record along Melbourne Rd.
The site's strategic position, with dual access points, rear loading bays and ample parking, made it a standout opportunity for both investor and tenant.
'The landlord was keen to secure Savers given the strength of the brand and its alignment with the evolving retail landscape,' Mr Nanni said.
'This lease sets a new benchmark for retail along this highly desirable commercial corridor and will finally see this building reactivated to its full potential.
'The arrival of Savers is expected to draw significant foot traffic and further cement North Geelong's status as a thriving retail destination,' Mr Nanni said.
Savers has been looking for a site in Geelong for several years, Nathan Brown, manager, large format retail at Colliers said.
'What appealed most about this location was its visibility, accessibility, and strong local catchment,' Mr Brown said.
'It's a high-traffic area with excellent exposure, and the corner positioning offers unbeatable signage opportunities.'
Mr Brown said rents are rising significantly across this catchment due to a lack of new developments.
'This has created strong financial outcomes for landlords, with existing buildings, such as this one, benefiting from heightened demand and limited supply in the Greater Geelong area.'
Geelong's retail leasing market has seen a surge in activity in recent years, driven by population growth, infrastructure investment, and increased demand from national and international retailers.
Key arterials such as Princes Highway, Latrobe Tce, and Torquay Rd have become hotspots for retail expansion, with tenants seeking to capitalise on booming residential corridors.