CBD super prime rents across the country, except Melbourne, have increased due to increased tourism numbers and new retailer openings.
Super prime retail rents across Australia’s CBDs, except for Melbourne, have held steady or grown, in a sign that people are slowly returning to cities for retail therapy, according to a CBRE analysis.
“Retail was hit pretty hard during COVID and deals from that time have expired. Now I think there’s a lot more optimism and growth in the market.”Mr Olson said increased tourist numbers and new retailers in the CBD, especially in Sydney, were factors behind an improved outlook on the super prime rental market.
At Westfield Sydney in the Pitt Street Mall, luxury designer brands Miu Miu and Fendi are both moving to more centrally located stores at the shopping centre’s luxury goods floor. On the same floor, French luxury jeweller Messika is set to open its first Sydney store after it signed Kendall Jenner as its brand ambassador last year.Only Melbourne experienced a contraction of its super prime retail rents, which fell 7.4 per cent quarter-on-quarter to $6250 per square metre.
Outside the very top of the retail market, retail rents were similarly showing signs of bottoming out as average net face rents remained steady quarter-on-quarter across all states.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kmart, Target to create a $10b dual-brand discount retail giantTarget and Kmart will remain separate consumer-facing brands with no impact on floor staff and only a “handful of redundancies”.
Read more »
Target to merge into Kmart to create $10 billion discount retail giantTwo of Australia’s most recognisable retail brands are about to become even more closely linked through a merger creating one $10 billion discount giant. 9News DETAILS:
Read more »
Target to merge into Kmart to create $10 billion discount retail giantThere has been a big shake-up this morning for two iconic Aussie retailers, with Kmart and Target to MERGE into a single $10 billion business. SarahStewart_9 9News MORE:
Read more »
Target, Kmart in $10 billion retail giant mergeTwo of Australia&x27;s most recognisable retail brands are about to become even more closely linked through a merger creating one $10 billion discount giant.
Read more »
Kmart and Target to merge in new retail bombshellDiscount department chains Kmart and Target are merging their behind-the-scenes operations to ramp up the fight against Big W. 7NEWS
Read more »