Property Development - Dress-Smart
A United States’ concept from the 1980s, Prime Retail Management was responsible for bringing outlet shopping centres to New Zealand. Prime Retail developed New Zealand’s first outlet mall chain - Dress-Smart - creating a welcome new shopping experience for retailers and consumers alike.
The first Dress-Smart centre featured just 20 retail outlets and opened in Onehunga, Auckland in 1995. This was followed by a second mall in Hornby, Christchurch in 1998 and a third in Tawa, Wellington in 1999. Finally, a fourth centre Te Rapa, in Hamilton was developed in 2006.
The success of the Dress-Smart concept cannot be understated. Manufacturers of both international and domestic brands were pleased to have a quality, purpose-built outlet centre where they could retail end-of-line, end-of-season or specially produced stock at bargain prices. Consumers quickly took to being able to buy quality brands at significantly reduced prices.
Total sales within the Dress-Smart group exceed $135 million per annum.
The Dress-Smart portfolio – with the exception of the Te Rapa, Hamilton complex – was sold to AMP in 2002, on-sold to ING NZ Retail Fund in 2003 and the current owners in 2010 and continues to be managed by Prime Retail Management (see Property Management section).
Dress-Smart Te Rapa is owned by Te Rapa Outlet Centre Ltd and is managed by Prime Retail Management.