It’s big, it’s bougie, but is it what Auckland’s been waiting for?

The windows of 131 Queen St have been shrouded for months. Inside, work progressed on an ambitious retail project – a souped up iteration of Faradays, the ultra-high-end local store that’s decamped from Parnell to its new digs. Like a Pokémon evolving into a bigger, stronger version of its past self, Faradays is poised to unveil its new look when it opens on September 26. 

The retailer has swaggered into the CBD with an upmarket offering, high-end fit-out, elegant storefront and a lot of threes: three levels, 3,000 square metres, $30m budget and three men. They’re Edward von Dadelszen (chief executive), Andrew Krukziener (developer) and Mark Francis (investor). They’ve got a bold vision and a big staircase. Here’s what else we know.

Faradays is fancy

Like, properly fancy. Expect high ceilings and natural light, flooring from Hungary, plush upholstery, luxury brands, flower arrangements and a “farmacia”. The interior is designed by Fearon Hay, in what the architects call a “conversation between past and present”.  In another blast from the past, VIP customers will have access to a private valet. Posh!

This (extensive) fit-out is the property’s second major refurbishment in a decade.

Another followed its purchase by Krukziener Properties in 2016. (OneRoof put the sale figure at $52.3m, but 131 Queen St’s current CV is $39m, according to Auckland Council).

Faradays should aid Queen Street’s glow-up

The ritzy revival of the strip’s lower chunk has been underway for decades. Louis Vuitton and Gucci arrived in 2008, followed by Prada in 2014 and Bulgari in 2020. International luxury brands finally deemed us (and our deep-pocketed visitors) worthy of their presence. Cartier opened in July, taking over the Victorian building on the corner of Fort St. Queen’s Arcade is undergoing its own makeover, hoping to lure luxury retailers to the building, which was built in 1929.

Combining history with luxury is a tactical play. Heritage properties communicate grandeur, lending their tenants prestige and pedigree. Faradays has taken over the heritage building that originally housed luxury department store Milne & Choyce. 

There may yet be more. Recent scrapping of earthquake strengthening rules in Auckland means owners and developers will be free to revitalise historic buildings for a fraction of the cost. It’s not the legislatory change that could shift the tenor of Queen St: the Summary Offences (Move-on Orders) Amendment Bill passed its third reading (under urgency) in Parliament last week.

There’s a big staircase

Funky steps are a common department store convention (Liberty London, Dover Street Market and the late, great Opening Ceremony come to mind). Faradays has one too. Designed in the style of American minimalist Donald Judd, the marble-clad staircase is so large that a portion of Queen St had to be shut down for the late-night install.

Faradays 2.0 has new stakeholders and what appears to be a new company structure

In April, Inside Retail reported that the Parnell store would be “restructured under new management and ownership”. The Queen St iteration of the business appears to be a fresh chapter.

A quick look at the New Zealand Companies Office shows a new company, Faraday’s Duty Free Retail Limited, was incorporated in 2025 (yes, it has an apostrophe while the name of the store does not). It lists four directors: Edward von Dadelszen, Andrew Krukziener, Martin Gyde and investor/developer Mark Francis. Shareholders include von Dadelszen Management Limited, Doug Cowan’s Funding Trustco Limited, Faradays Investment Trustee Limited (established in 2025 with Krukziener as the sole director and shareholder), and Faraday’s Luxury Goods Limited. That has the largest slice of the pie at 43.05%. 

Still with me? Good. The latter, established in 2020, counts Dan Carter – yes, that one – among its 18 shareholders, but the majority is held by Mark Francis’s Gryphon Capital (25.46%) and BHB Invest Limited (25.1%). Edward and Constance von Dadelszen, who founded the store in 2021, each hold 4.02%. 

Confused? Fair enough. Let’s move on to something simple.

There’s a Kardashian konnection

Though unsubstantiated rumours of a Skims shoot in Queenstown circulated last month, the brand will definitely be stocked at Faradays. In a first for New Zealand, you’ll be able to wiggle on bras, thongs and shapewear from Kim Kardashian and Jens Grede’s US$5bn brand.

It’s among the well-known international labels lined up, which include Chloé, Repetto, Pucci, Jacquemus and Maison Margiela. (Missing from the list, though stocked at Faradays’ old concept store in Parnell, are the likes of Celine and Alaïa.) Among the New Zealand brands confirmed are Kowtow, Beach Brains and Nature Baby.

A sound bar is promised

Trend alert! This presents yet another hi-fi-centric space for Aucklanders to indulge their sonic whims (Kemuri Hi-Fi being another).

There’s a bookshop

Expect big, colourful coffee table books by Assouline.

And flash food and bev

But hold your horses, the 70-seat eatery Lottie’s – Josh and Helen Emett’s latest venture – isn’t open yet (sorry). If you’re hankering after quail Scotch eggs, king prawn mousse and a glass of Chablis you’ll have to wait until October 2. 

Faradays is opening amid a challenging time for New Zealand retail.

People are shopping less. Retail spending was down 0.9% in August compared to July, according to Stats NZ. Apparel was the hardest hit category, down 2.5% on the same period last year.

Of course, affluent people — the ones likely to shop at a luxury department store – have more disposable income and are generally less impacted by the economic doldrums. (High-expenditure households experienced the lowest level of inflation, 1.9%, during the 12 months to June compared to other groups).

That said, Faradays is casting its customer net wider the second time around, offering more mid-market brands and accessible price points. As well as triple-digit skincare and designer footwear, there’ll also be things for kids, men and the kind of people who buy Moleskine notebooks.

Department stores have had a hard run

The demise of Smith & Caughey’s in 2025 (revenue had dropped 40% in five years) shocked the city, but it was just the latest in a long line of shuttered department stores. DFS shut its T Galleria the same year blaming “challenging economic conditions”. While there are similar cases abroad – Saks Global, which owns Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus, declared bankruptcy in January – other US stores are posting wins. Sales are up at Macy’s Inc and Bloomingdale’s, as stores reimagine the retail model and prove its relevance. Destination shopping is the name of the game.

It’s a template Faradays is following closely, combining fashion and food with an experiential retail environment. The format encourages the kind of slow-paced shopping that used to be the norm – have lunch, buy something nice, make a day of it. Will reviving the time-worn formula work in the age of fast fashion and on-line shopping? We’ll find out.