What will Prada closure mean for Queen Street?
Luxury retailer Prada is closing its long-standing Queen Street store in Auckland, New Zealand. Retail experts suggest the closure is a strategic move rather than a sign of economic decline for the area.
Why it matters
It highlights shifting trends in luxury retail and the resilience of urban commercial districts despite broader economic pressures on consumer spending.
Luxury retail brand Prada will close its Queen Street outlet on Wednesday, but one retail consultant isn't expecting it to have a big impact on the street.
The two-storey retail outlet covers about 350 square metres and opened more than 10 years ago.
Auckland's Queen Street has changed significantly in recent years, with stores Smith & Caughey's and Yoyoso having shut their doors over the past 18 months.
Retail consultant Chris Wilkinson, of First Retail Group, said he did not think the exit would have an impact because others were likely to take the opportunity to use the space to grow their footprint, or another brand could enter the market.
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"Even within the Prada group there are brands that may be better suited to the audience here.
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