Luxury automaker Genesis Motors has officially entered the Australian market, unveiling a two-storey display suite on Australia’s most expensive shopping strip.
The Hyundai-owned Genesis opened the Genesis Studio Sydney in the city’s Pitt Street Mall at a ceremony on Monday morning (24 June).
Spanning two levels, the modern display suite is built around a circular staircase with bespoke built-in LED screens.
“Genesis Studio Sydney ushers in a new exclusive way to buy and own a luxury car, providing customers with all-encompassing premium ownership experience,” said Manfred Fitzgerald, executive vice-president, global head of the Genesis brand.
Mr Fitzgerald, the former design director of Lamborghini, said the launch is not only its first in Australia, but “our first right-hand drive market”.
“We will continue to develop standalone showrooms in Australia,” he said at the ceremony, noting that Genesis plans to have a presence in both Melbourne and Brisbane next year.
According to Genesis, it is also a first for Australia’s automotive market with the company’s “online build and order fixed-pricing website”.
Bold retail statement
The Australian flagship centre marks a bold entry to the local market by the 3.5-year-old company, with property firm Cushman & Wakefield’s annual global ranking of retail precincts listing Sydney’s Pitt Street Mall as the world’s seventh most expensive.
The 30th annual ranking of 441 of the world’s most prominent retail streets, released in November last year, says that rents on Pitt Street Mall average $14,000 per square metre.
With Brisbane and Melbourne also being targeted by Genesis, the company could also be looking at rents to the tune of $7,000 per square metre on Melbourne’s Bourke Street Mall and $4,500 per square metre in Brisbane’s Queens Street Mall — the fifth and eighth most expensive retail strips in the APAC region, respectively, Cushman & Wakefield’s data suggests.
Electric model in the pipeline
Genesis currently manufactures three sedan models, and Mr Fitzgerald confirmed that more are in the pipeline.
“The Genesis line-up will continue to expand,” he said, with plans to release “three models by 2021, including our first electric car”.
First of these new models will be the company’s first SUV, due for release next year.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.