Retailer David Jones Ltd (ASX:DJS) has announced it has entered into a new 20-year lease agreement in relation to its store in the Karrinyup Shopping Centre in Perth.
The company currently operates a store in the Karrinyup centre and says it plans to expand the existing area by 30%.
The expansion is hoped to improve David Jones competitive positioning relative to Myer, and maximise sales and profit in the established two department store centre.
As part of the fiscal 2009 strategic plan David Jones identified Perth as a region with significant growth opportunity.
CEO Paul Zahra says in light of Perth being a target area, the company is pleased to report they have locked in a proposed new store in Whitford, an option for a new store at the proposed Westfield Innaloo redevelopment, and an expanded Karrinyup store.
David Jones reported a profit of $156.52 million for the year ending 30 July 2009.
DJS Price at posting:
$4.66 Sentiment: None Disclosure: Held
