David Jones Ltd (ASX:DJS) says it will enter into a new 20 year lease for its Toowong Village store, having already traded in the south west Brisbane space for 24 years.
The retailer also announced plans to fully refurbish its Toowong department store with an increase of 20% to the store's selling space.
David Jones advises that the Toowong Villiage landlord will also make a financial contribution to the upgrade, with further upgrades already planned in the centre.
CEO Paul Zahra says the new lease provides David Jones with an opportunity to maximise the allocation of selling space to higher margin and value categories.
David Jones posted a profit of $156.5 million for the year to 30 July 2009.
DJS Price at posting:
$4.68 Sentiment: None Disclosure: Held
