A 2000 sqm site in Hawthorn East, Melbourne now holds a flagship store, a head office, a warehouse and a wellness studio behind one door. As of November 10, 2026, when All Things Golden opened the space, the interesting number is not the floor area but the count of functions: four, stacked into one leaseInside Retail. For anyone who scores store sites or plans replenishment, that stacking changes the trade area maths: a shop that also ships, also employs the back office and also sells a class is not measured by the same footfall curve as a shop that only sells.
One roof, four functions
The building is the brand's headquarters as much as its store. Founder Liv Coleman launched the label almost ten years ago at 24 with 20,000 dollars and no external investment, and the new site consolidates what used to be separate: the shop floor, the people who run the business, the stock and a studio for movement, breathwork and treatments. Consolidation is a cost decision before it is a brand decision, because one lease replaces several and the same square metre serves four purposes across a day.
Coleman's own framing is about the customer rather than the building. She describes moving away from fashion built on aspiration, towards clothing that amplifies who someone already is. That is a positioning statement, but it also explains the studio: a reason to visit that is not a reason to buy, which is exactly what a flagship needs when its catchment is already served by online delivery.
Why the warehouse moved inside the store
Putting stock behind the shop floor is the part that changes operations. A satellite warehouse inside a flagship shortens the distance between a sale and a replacement, which matters most for size and colour continuity. When a shopper asks for a size that is not on the shelf, the answer depends on whether the reserve is forty metres away or a day away by courier.
Replenishment in hours, not days
The operational gain is simple to state and hard to copy. A store with local reserve can refill a facing within the same trading day, so on-shelf availability stops being a weekly metric and becomes a shift-level one. The cost is space: every square metre given to reserve is a square metre not selling, and that trade only works when the site also carries the office and the studio, spreading rent across three income or cost functions.
Wellness as a second traffic reason
The Studio seats up to 18 people and runs sessions with a resident provider and a monthly practitioner, which produces a diary of appointments rather than a queue at the till. Appointments are useful because they are predictable: a store can staff against bookings, and the visitor arrives with dwell time already committed. Whether that converts into apparel sales is a separate question, and the brand has not published an attach rate.
What it changes for a trade area score
Traditional trade area models count households, competitor distance and anchor strength. A hybrid site breaks the first assumption, because its catchment is partly digital: the brand says it reached in roughly twelve months in the US what took three years in Australia, and now ships to at least 25 additional countries. A store like this can be viable on a catchment that would fail a pure retail test.
| Function | What it changes |
|---|---|
| Flagship retail | Judged on conversion and basket, not just footfall |
| Warehouse | Turns availability into a shift-level metric |
| Head office | Spreads rent across non-retail functions |
| Studio | Adds bookable, predictable visits |
The counterweight is that hybrid sites are harder to compare. A pure store can be benchmarked against a peer set of similar shops; a site that also fulfils online orders, houses a head office and sells classes has no clean peer. The practical fix is to score the retail layer on retail metrics and record the other functions as separate lines, rather than blending them into one sales-per-square-metre figure that flatters the site.
Australia's store market is moving in both directions at once. Kurt Geiger opened an online-only DTC store this month with no physical plans, while a department store chain's exit is being framed by its landlord as an opportunity to re-let large floorplates. Against that backdrop a 2000 sqm hybrid is a bet that the store still earns its rent when it does more than sell.
FAQ
Does a warehouse inside a store really improve availability?
It shortens the replenishment loop from days to hours for sizes held locally. The limit is depth: a store reserve cannot carry the full range, so it helps most on core sizes and least on long-tail options.
How should a hybrid site be benchmarked?
Score the retail layer against comparable stores and record office, warehouse and studio as separate lines. Blending them into one sales-per-square-metre number hides which function is paying the rent.
Is the wellness space a traffic play or a margin play?
Publicly it is positioned as a customer experience, with no attach rate disclosed. Operationally it creates bookable visits, which help staffing; whether it lifts apparel sales needs booking and basket data the brand has not published.
What is the risk of consolidating four functions in one lease?
Concentration. A single site failure takes the shop, the stock and the office with it, and expansion to a second city means rebuilding all four functions rather than renting a small shop.
