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Top-tier shopping centres outperform the rest, as rental landlords fight online shopping

Property Markets / Outlook

Australia

Mar 16 2018

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Retail landlords are relying on restaurants, massage parlours and other experiences that can’t be bought online in an attempt to keep shoppers from choosing the internet over real-world shopping. 

Many Australian shopping centres saw a drop in productivity as they combat a challenging retail environment, according to the Shopping Centre News Big Gns 2018 Report. 

But top-tier centres proved the highest-selling, with Melbourne shopping centre Chadstone taking top spot after raking in almost $2 billion in turnover last year. 

Some shopping centres are being transformed into mixed-used destinations, such as Chadstone’s upcoming hotel project and apartment towers coming to The Glen, in Melbourne. 

Chadstone’s $1.94 billion turnover was up from the previous year’s takings of $1.52 billion. The centre, jointly owned by Vicinity Centres and billionaire John Gandel, received a major refurbishment in 2016. 

The most productive centre was Mirvac’s Broadway Sydney, with $14,545 in moving annual turnover per square metre, up 0.5 per cent on the prior year. While Westfield Sydney had the highest specialty turnover per square metre at $22,194, up 4.8 per cent from the year before.

But many shopping centres saw turnover and productivity drop, with specialty productivity falling by 5.2 per cent at Westfield Chermside in Brisbane and 5.7 per cent at Canberra Centre.

Westfield Southland saw a drop in turnover of 3.9 per cent, and Castle Towers’ dropped by 2.3 per cent.

Photo: Andrew Tauber

SOURCE: The Australian

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