Latest news with #QueenVictoriaBuilding
Yahoo
4 days ago
- Business
- Yahoo
Iconic retailer shuts flagship stores
Iconic fashion retailer Country Road will close down stores across Sydney as slowing sales force its South African owners to scale back its retail front. The business's landmark store in central Sydney's Queen Victoria Building will be shut down as the company looks to lower costs. It will also close its sister brand Trenery in Sydney's affluent Mosman, while its Pitt Street Mall store will close in 2028 when the lease expires. Country Road's South African owners Woolworths previously announced weak sales coming from the Australian brand. Sales plummeted by 6.2 per cent in the first half of the 2024-25 financial year and a further 8 per cent in the 26 weeks to December 29 as operating profits dropped 71.7 per cent to just $14.2m. Country Road was founded in 1974, starting out as a smart-casual men's, women's and children's clothing store while also dabbling in homewares and accessories. It grew out into an Australian lifestyle brand known for high-quality apparel, accessories and homewares and became the first major Australian brand to move into the US. In 2014, Country Road and Trenery were bought by South African brand Woolworths. Country Road's recent falls are in line with the collapse of dozens of retailers. Retail giant Mosaic Brands – owner of Millers, Rivers, Crossroads, Katies, Noni B and Autograph – collapsed into voluntary administration in October 2024. In a notice to creditors delivered in February, Mosaic's total debt was tallied at more than $318m. Iconic retailer Jeanswest also said it was hit by a 'perfect storm' of factors as it closed its stores in March, with 600 workers out of a job. CreditorWatch's latest insolvency data shows tax cuts and interest-rate relief is slowly passing through to businesses' bottom line. CreditorWatch's May data shows an easing in two key measures of business stress, insolvencies and B2B payment defaults, suggesting the July 2024 tax cuts, recent interest-rate reductions, slower inflation and fiscal support measures are beginning to alleviate some pressures on Australian businesses. CreditorWatch chief executive Patrick Coghlan said the May data on defaults and insolvencies was encouraging but some sectors remained under pressure. 'This levelling off of insolvencies has been long awaited and is very welcome but we need to remember that several industries still face significant challenges, particularly those exposed to discretionary spending,' he said. 'Post-Covid, we've seen inflation hit 30-year highs. 'Those rapid price increases across the economy don't reverse when the inflation rate comes down again – the higher prices are locked in and remain as permanent pressures for businesses.' Error in retrieving data Sign in to access your portfolio Error in retrieving data
News.com.au
4 days ago
- Business
- News.com.au
Fashion retailer to close flagship stores, citing sales pressure
Iconic fashion retailer Country Road will close down stores across Sydney as slowing sales force its South African owners to scale back its retail front. The business's landmark store in central Sydney's Queen Victoria Building will be shut down as the company looks to lower costs. It will also close its sister brand Trenery in Sydney's affluent Mosman, while its Pitt Street Mall store will close in 2028 when the lease expires. Country Road's South African owners Woolworths previously announced weak sales coming from the Australian brand. Sales plummeted by 6.2 per cent in the first half of the 2024-25 financial year and a further 8 per cent in the 26 weeks to December 29 as operating profits dropped 71.7 per cent to just $14.2m. Country Road was founded in 1974, starting out as a smart-casual men's, women's and children's clothing store while also dabbling in homewares and accessories. It grew out into an Australian lifestyle brand known for high-quality apparel, accessories and homewares and became the first major Australian brand to move into the US. In 2014, Country Road and Trenery were bought by South African brand Woolworths. Country Road's recent falls are in line with the collapse of dozens of retailers. Retail giant Mosaic Brands – owner of Millers, Rivers, Crossroads, Katies, Noni B and Autograph – collapsed into voluntary administration in October 2024. In a notice to creditors delivered in February, Mosaic's total debt was tallied at more than $318m. Iconic retailer Jeanswest also said it was hit by a 'perfect storm' of factors as it closed its stores in March, with 600 workers out of a job. CreditorWatch's latest insolvency data shows tax cuts and interest-rate relief is slowly passing through to businesses' bottom line. CreditorWatch's May data shows an easing in two key measures of business stress, insolvencies and B2B payment defaults, suggesting the July 2024 tax cuts, recent interest-rate reductions, slower inflation and fiscal support measures are beginning to alleviate some pressures on Australian businesses. CreditorWatch chief executive Patrick Coghlan said the May data on defaults and insolvencies was encouraging but some sectors remained under pressure. 'This levelling off of insolvencies has been long awaited and is very welcome but we need to remember that several industries still face significant challenges, particularly those exposed to discretionary spending,' he said. 'Post-Covid, we've seen inflation hit 30-year highs. 'Those rapid price increases across the economy don't reverse when the inflation rate comes down again – the higher prices are locked in and remain as permanent pressures for businesses.'
Daily Mail
4 days ago
- Business
- Daily Mail
Country Road shuts down stores across the country as retail apocalypse strikes Australia
Iconic fashion retailer Country Road has shut down a number of stores amid plummeting sales. One of its longstanding flagship stores at Sydney CBD's Queen Victoria Building has shut up shop, as has sister brand Trenery in Mosman, on Sydney's affluent lower north shore. A Country Road outlet in the same suburb is also currently closed for renovations, while another CBD store at Pitt Street Mall is expected to close when its lease expires in three years' time, the Sydney Morning Herald reported. Daily Mail Australia has contacted Country Road Group for comment. The closures cap off a turbulent year for the Woolworths Holdings-owned retailer, which also includes fashion brands Mimco, Witchery, and POLITIX. Sales across the brands plummeted by 6.2 per cent in the first half of the 2024–25 financial year, citing economic and operational headwinds. It also comes just weeks after Country Road Group chief executive Raju Vuppalapati announced his resignation amid a lingering scandal over complaints handling by executives. Country Road was founded in 1974 as a niche women's shirting business that has grown into Australia's first lifestyle brand, renowned for its high-quality apparel, accessories, and homeware. It was also one of the first major Australian brands to open in the US. More to come.
News.com.au
01-07-2025
- News.com.au
‘Racist' clash claims at popular Sydney spot
Police have launched an appeal for information following an alleged racist encounter between customers at a bustling location in Sydney's CBD. Police claim that racial insults were hurled at a mother in front of her toddler at the Starbucks inside the Queen Victoria Building on George Street on the morning of June 16. They are searching for two women who may be able to assist with their investigation. Video footage of the altercation has circulated on social media, however none of the alleged racist allegations have been captured on video. The woman who filmed the video and shared it to social media – who asked not to be identified by name – told she was with her four-year-old son, and the rest of her family at the time. 'Walking with a toddler, it was probably a bit slow. They got really annoyed, so I said sorry to them,' she recounted. She pulled out her phone and started filming after the pair – apparently upset with the speed she was walking – allegedly started to hurl racial slurs at the family, such as pulling their eyes into a slant and calling out 'ching chong'. The woman told she is an immigrant who has lived in Australia for 10 years with her family. 'I said, 'Excuse me, are you OK?' Instead of apologising, they made this awful, mocking eye gestures and mocked my accent. They told me to go back to my country,' she alleged. 'They also gave me the middle finger.' None of these allegations were captured in the video footage that the woman shared to social media. The mother said she wished she started filming earlier to capture the entire alleged ordeal. The video footage began with the woman confirming she is an immigrant while one of the opposing women made a rude hand gesture, blowing kisses and waving. All three women involved in the encounter were filming. 'You're just being racist, calling me Asian,' the woman said in the video. 'But don't be a racist because you guys are immigrants. The first people in Australia were Aboriginal. We are immigrants you need to be respectful.' One of the women repeatedly tried to talk over the woman and appeared to pretend to either not understand or hear what she had to say. 'I'm posting you on social media,' one of the opposing women said. The woman said she was 'shocked' because in the 10 years she had lived in Sydney, it was her first encounter with racism. 'I've heard stories about this, but not in the city of Sydney, where it's so multicultural. There's so many Asian people everywhere in the city. I was so shocked,' she told It prompted the woman to ask if the other women were even from Sydney, which resulted in one of the women pulling out her wallet and claiming her Australian passport was inside. The woman said it was nobody's right to tell her where she should be just because of her background as an Asian woman, saying she pulled her phone out to start filming to make people aware that racism does exist in Sydney. 'I needed to stand up for myself and make people aware, they have no right to abuse people because of their ethnicity,' she said. She said it made her worry about her son's future, saying she never wanted her little boy to face something like this just because of his background. Since uploading the video, the woman said she hasn't been able to find the women. All she wants is an apology, and then she will remove the clip. 'It's really affected me, which is why I posted on social media. I've heard so many stories,' she said.
