The first stage of an estimated $40 million retail development in Shepparton will open before Christmas.
Spotlight Group Holdings, the company behind the development on Benalla Rd beside the current Anaconda shop, said stage one would provide a new home for Anaconda and Spotlight, along with a number of yet-to-be-confirmed brands.
“A new Anaconda, which is 50 per cent larger than the existing (store), a new Spotlight store is moving next door, which will be a bit bigger as well, and then there’s other retailers, another four or five, that will be opening as well,” Spotlight Group executive deputy chair Zac Fried said.
“Stage two, the existing Anaconda building, which is being cut up (into three tenancies), will be quarter two next year by the time that’s finished because Anaconda has to move into its new home before we can start that renovation.”
One of the group’s other brands, Harris Scarfe, which is currently located in Maude St in Shepparton’s CBD, will be staying where it is.
“Harris Scarfe won’t be going there (to the new development),” Mr Fried said.
“Harris Scarfe is looking at renewing in its existing location as an option; however, the building that we’re currently in needs a major upgrade, and we’re in discussion with the landlord.”
Mr Fried said the group’s investment in the city through the development of the Benalla Rd site and in its brands in Shepparton was in the tens of millions of dollars.
“It’s probably getting up, in total, to about 40-odd million dollars for our stage one and our stage two, and we’ve got a stage three block of land, which will more than likely be industrial sheds,” Mr Fried said.
“We haven’t lodged for a permit on that yet, but that is to the rear of the land where the builders are using site sheds.
“If I have a look at where we’re allocating capital around the country at the moment, Shepparton has taken a very big chunk of it this year for this development, which is good to see.”
Mr Fried said the investment reflected the confidence the company had, not only in the Australian economy but, in particular, Greater Shepparton’s.
“Yes, we’ve got confidence in the Australian market as a group, and we have a long-term view of the Australian retail market and development market, but also, we wouldn’t be spending all of $40 million in Shepparton if we didn’t have confidence in the Shepparton and surrounding market,” he said.
“With larger stores, there will be an increase in employment across both current brands and, obviously, once Harris Scarfe has its renovation as well.
“At the moment, Shepparton is our main town that we’re in. We have and will be looking at other smaller towns, such as Echuca, in the years to come, but there’s nothing on the radar at the moment.”