Another trusted name is closing its doors for good—what’s really behind this retail unraveling?
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Iconic stores have quietly shuttered their doors in some of Australia’s busiest shopping precincts.
Even fashion giants are not immune to the pressures rocking the retail sector.
A flagship Sydney store has already closed—and others may be next.
One of Country Road’s long-standing flagship stores in the Queen Victoria Building has permanently shut down, marking a major retreat from Sydney’s retail heart.
The closure came alongside the sudden disappearance of a nearby Trenery store in Mosman, located on the city’s affluent lower north shore.
That Trenery location, which opened just three years ago, is now on the market for the first time in over half a century, with Belle Commercial Property describing it as a ‘rare and historic commercial property’.
A second Country Road store in Mosman is also closed, though it remains listed as under renovation.
Meanwhile, another prominent store at Pitt Street Mall may be next—its lease is set to expire in 2028, and insiders suspect the doors will not reopen.
The shutdowns come at a turbulent time for Country Road Group, owned by South Africa-based Woolworth Holdings Limited, which also controls fashion brands Mimco, Witchery, and POLITIX.
Sales across these labels dropped by 6.2 per cent in the first half of the 2024–25 financial year.
The second half of the year proved even worse, with sales plunging another 8 per cent and operating profits crashing by 71.7 per cent to just $14.2 million.
The retailer, which began in 1974 as a women's shirting business, once expanded internationally as one of Australia's first lifestyle brands.
But its reputation for high-quality clothing, accessories, and homewares has not been enough to weather recent storms.
Last October, chief executive Raju Vuppalapati described the situation as a ‘perfect storm’ after what was then the worst financial year on record.
He announced his resignation weeks ago and is expected to step down at the end of August to pursue ‘personal interests’.
The announcement followed internal tensions, with reports that some staff welcomed the decision.
His departure also trailed the fallout of a 2023 investigation into complaints against then-chief supply chain officer Rachid Maliki, which had sparked threats of mass resignations.
The collapse of Country Road stores mirrors a broader crisis in Australian fashion retail.
Hundreds of stores under the Mosaic Brands umbrella—including Rivers, Noni B, Katies, and Millers—have been shut down recently as part of a major restructure.
Thousands of jobs have been slashed in the process.
Other major players—JeansWest, Wittner, Ally Fashion, Collette, Exoticathletica, and SurfStitch—have also faced closures or full collapse.
The country's retail landscape, once dominated by these familiar names, is changing fast.
Store closures like Country Road’s are just one part of the broader turmoil shaking the retail fashion industry.
Many once-thriving brands are now facing the harsh reality of financial instability, legal battles, and reduced consumer spending.
Read more: Federal court decision reveals truth as favourite Aussie fashion brand faces collapse
Is this the beginning of the end for Australia’s once-dominant fashion retailers?
Even fashion giants are not immune to the pressures rocking the retail sector.
A flagship Sydney store has already closed—and others may be next.
One of Country Road’s long-standing flagship stores in the Queen Victoria Building has permanently shut down, marking a major retreat from Sydney’s retail heart.
The closure came alongside the sudden disappearance of a nearby Trenery store in Mosman, located on the city’s affluent lower north shore.
That Trenery location, which opened just three years ago, is now on the market for the first time in over half a century, with Belle Commercial Property describing it as a ‘rare and historic commercial property’.
Country Road exits iconic Queen Victoria Building site. Image source: Country Road
A second Country Road store in Mosman is also closed, though it remains listed as under renovation.
Meanwhile, another prominent store at Pitt Street Mall may be next—its lease is set to expire in 2028, and insiders suspect the doors will not reopen.
The shutdowns come at a turbulent time for Country Road Group, owned by South Africa-based Woolworth Holdings Limited, which also controls fashion brands Mimco, Witchery, and POLITIX.
Sales across these labels dropped by 6.2 per cent in the first half of the 2024–25 financial year.
The second half of the year proved even worse, with sales plunging another 8 per cent and operating profits crashing by 71.7 per cent to just $14.2 million.
The retailer, which began in 1974 as a women's shirting business, once expanded internationally as one of Australia's first lifestyle brands.
But its reputation for high-quality clothing, accessories, and homewares has not been enough to weather recent storms.
Last October, chief executive Raju Vuppalapati described the situation as a ‘perfect storm’ after what was then the worst financial year on record.
He announced his resignation weeks ago and is expected to step down at the end of August to pursue ‘personal interests’.
The announcement followed internal tensions, with reports that some staff welcomed the decision.
His departure also trailed the fallout of a 2023 investigation into complaints against then-chief supply chain officer Rachid Maliki, which had sparked threats of mass resignations.
The collapse of Country Road stores mirrors a broader crisis in Australian fashion retail.
Hundreds of stores under the Mosaic Brands umbrella—including Rivers, Noni B, Katies, and Millers—have been shut down recently as part of a major restructure.
Thousands of jobs have been slashed in the process.
Other major players—JeansWest, Wittner, Ally Fashion, Collette, Exoticathletica, and SurfStitch—have also faced closures or full collapse.
The country's retail landscape, once dominated by these familiar names, is changing fast.
Store closures like Country Road’s are just one part of the broader turmoil shaking the retail fashion industry.
Many once-thriving brands are now facing the harsh reality of financial instability, legal battles, and reduced consumer spending.
Read more: Federal court decision reveals truth as favourite Aussie fashion brand faces collapse
Is this the beginning of the end for Australia’s once-dominant fashion retailers?
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