Shopping mall operator Scentre Group is considering turning the historic David Jones Market Street store in Sydney into a niche fashion retail hub for emerging designers and independent labels. Scentre Group, which is the lead bidder for the David Jones location, is in due diligence to buy the site for A$370m after beating a close offer from a joint venture of Stockland and Cbus Property. Retail executives said the store could be converted into a precinct showcasing new local designers and cult European brands, following the success of other niche retail destinations such as Melbourne's St Collins Lane and Sydney's Ivy Laneway. This is driven by more and more international brands looking to expand in the Australian market, particularly niche European labels.