Retail Market Breakdown - September 2018
Welcome to Tenant Leasing Group’s breakdown of the retail market for September, 2018!
This month we’re seeing developments across Sydney, Brisbane and Orange, with great opportunities for growing franchises – new developments are always really exciting places to open a new site and often allow for more flexible fit out. Leases for Christmas are now being processed so we’ve taken a look at what can give stores a competitive edge amongst all the noise of online retail.
We hope this quick industry news summary is relevant & useful to you.
A change of face for Martin Place by 2024
Macquarie Group and Lendlease have teamed up to give Martin Place a makeover. After buying the air rights above the soon-to-be revitalised station for $355 million, this development will deliver a new retail and entertainment precinct and two new office towers. This is great news for existing and new tenants, with Sydney’s commercial vacancy rates remaining low year on year, creating a competitive and dynamic market. Read the full article (4 mins).
Pressure on property managers to create community hubs
Central to the future of ‘malls’ is their ability to become more than aggregators of discrete retail experiences – they must become ‘marketplaces’. With time-poor commuters and ever-increasing access to online marketplaces, suburban shopping centres are under pressure to create a communal atmosphere to draw shoppers into centres. While practical questions remain as to the best ways to facilitate community engagement, it’s clear that family activities and social environments are more important than ever. Read the full article (3 mins).
How can retailers stay ahead of online stores over Christmas?
Here are 5 Ways Retailers can Stay Ahead of Online Stores over Christmas. Last year Christmas retail sales in Australia didn’t meet expectations. E-commerce is only growing, but research shows that people still enjoy shopping in stores, and the festive season presents exciting opportunities to entice them in. I’ve put together 5 tips for Bricks and Mortar retailers to stay relevant amidst the growing popularity of online stores. Read the full article (6 mins).
Sydney gym in battle with landlord
Sydney Trains is in a bitter legal dispute with tenants over a gym planned at Martin Place station. Six months after they were supposed to open ‘Round Two’, James Coffey and Charles Estephen are stuck in a legal battle with RailCorp (landlord for Sydney Rail station sites) over a fitout discrepancy. The gym is claiming they were poorly instructed and the landlord breached the Retail Leases Act, while Railcorp is claiming damages over a series of defects in their fitout. Good representation is always a good idea. Read the full article (5 mins).
Jobs, growth and new business opportunities – Orange, NSW
Construction of the Department of Primary Industries (DPI) offices is set to revamp Orange town centre and boost the economy. The DA outlines the projected economic benefits that would flow from its construction. “The project is valued at $55 million which, through industry multipliers, will generate a $98 million stimulus to the local economy.” The development will bring new foot traffic and greater infrastructure to the area making a great spot to grow your business. Read the full article (4 mins).
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