SYDNEY — Like much of the capital’s central business district, which is undergoing a 62 billion Australian dollar, or $44 billion, development boom, the Elizabeth Street flagship of department store chain David Jones is a construction site.
Originally opened in 1927, the store is midway through a 200 million Australian dollar refurbishment that David Jones is claiming will raise the bar for luxury retailing in Australia.
At its helm is David Jones’ chief executive officer David Thomas, who assumed the role in September 2017 following several years of executive reshuffling in the wake of the 2014 acquisition of David Jones by South Africa’s Woolworths Holdings Limited for $2 billion.
In January, Woolworths slashed David Jones’ value by 34 percent, citing poor execution of turnaround plans and structural changes in retailing.
David Jones’ profit fell by 50 percent to 64 million Australian dollars for fiscal 2018, but returned to its strongest sales growth in three years.
Thomas will be hoping to capitalize on some of that sales momentum with the unveiling, on Friday of the first completed stage of the Elizabeth Street refurbishment — the Level 7 shoe floor.
The store’s relocated and dramatically expanded shoe department is now housed inside the store’s
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