Australian retailer Coco Republic opening first NZ store in Newmarket

Coco Republic on display, coming to Westfield Newmarket this year. Photo/supplied

Australian furniture and designer chain Coco Republic will open its first New Zealand store this year in the revamped and expanded $790 million Westfield Newmarket, now under construction in Auckland.

Anthony Spon-Smith, a director and co-owner of the business, said the retailer had wanted to come here for ages and seized the opportunity to open in the centre, now well under construction and due to open later this year.

Coco Republic will soon be sold from Newmarket. Photo/supplied

"Expansion into New Zealand has been high on our agenda for several years. We are thrilled to have secured a world-class location at Westfield Newmarket for our first retail boutique and look forward to combining the best of global furniture design with the best of New Zealand's design talent to deliver breathtaking interiors for New Zealand customers," Spon-Smith said.

The 1000sq m shop, which will also house L'Americano Espresso Bar, will be the first Coco Republic store in a Scentre Group's Westfield shopping centre in Australia and New Zealand, a statement released this afternoon said.

Coco Republic sells furniture, homeware and design services.

John Papagiannis, Scentre's leasing and retail solutions director, said the store would enhance the new centre and Coco Republic was one of the most sought-after Australian furniture and design brands.

New Zealanders have been able to buy items from the chain online in the last few years.

ASX-listed Scentre reported A$1.28 billion ($1.3b) revenue in the six months to June 30, up 6.5 per cent from the same period in 2017. Net profit rose 3.6 per cent from A$1.41b to A$1.46b.

Westfield Newmarket (51 per cent Scentre and 49 per cent Singaporean interests) will have 230 specialty retailers when it opens in the fourth quarter of this year, between September 1 and December 31.

The total annual retail spend in the Westfield Newmarket trade area was estimated to be around $9.7b last year, Scentre said.

"At $99,447 per annum, the average household income in the main trade area in 2015 was 10 per cent above the Auckland region average of $90,799," Scentre said in a results presentation.