The retail property sector in Australia is facing unprecedented challenges. According to Tim Rusbridge, creator of Retail Property Marketplace (RPM), economic shifts, evolving consumer behaviours, and technological advancements are reshaping the way people shop and interact with physical spaces.

From adapting to the rise of e-commerce to grappling with changing preferences in experiential retail, all stakeholders in the retail property sector are confronting a myriad of obstacles. Amidst these dynamics, finding innovative solutions to maintain vibrancy and relevance within shopping precincts while ensuring sustainable growth has become paramount.

In Australia, the retail industry faces economic challenges that require thoughtful navigation. Inflation is driving up trading costs, putting pressure on retailers’ profit margins and competitiveness. The increasing cost of living is impacting consumer spending habits, posing additional hurdles for businesses. These heightened costs that prospective consumers are now facing daily, are making it challenging for businesses to maintain competitiveness and affordability, particularly in a market which is price-sensitive focused.

In response to these challenges, retailers are adopting multi-faceted strategies to manage the impacts of the cost of living and trading. To attract more footfall back to retail stores and shopping centres, property owners are attempting to transform the way in which shopping is traditionally viewed. Offering consumers more interactive shopping experiences with investments into digital infrastructure and technology, which bridges the gap between online and offline. These digital investments are made to combat the retail inflation and cost of trading, the industry is positioning itself for sustained growth and relevance in the ever-changing consumer marketplace.

Consumer behaviours

The changing consumer habits of recent years have significantly impacted the retail industry, prompting a strategic response to meet evolving demands. Due to the down spiral in the economic climate over the past few years following the global pandemic, consumers have been more cautious with their expenditure, and have been opting for convenience and practicality rather than the shopping experience. However, the tide is beginning to change, and traditional brick-and-mortar retailers are anticipating a rebound in consumer confidence. By proactively developing these strategies, retailers aim to position themselves competitively and capitalise on the opportunities presented.

Retail technology revolution

By pivoting their approach to being on the front foot, the tide is slowly changing and to adapt to the ever-changing landscape and to reinvigorate footfall back to shopping centres and stores alike, we are seeing businesses trialling innovative marketing techniques. As will be discussed during our event conference, many retailers are introducing cutting-edge retail technology to attract consumers back to the tangible world of bricks-and-mortar.

The industry has witnessed a wave of innovation, with retailers experimenting with new business models, product offerings, and customer engagement strategies to differentiate themselves in a crowded marketplace. From pop-up stores and experiential retail concepts to virtual shopping experiences and contactless payment options, businesses are reimagining the retail experience and reshaping the future of the industry.

But it’s not just retailers that are introducing technology. Property owners and landlords are also beginning to integrate smart building systems, contactless payment and digital signage to enhance the consumers overall shopping experience and improve operational efficiency.

By working together to navigate these challenging times, retailers and landlords can emerge as being more resilient in the fight against e-commerce. As the retail industry in Australia continues to rebound from the cost of trading crisis, resilience, adaptability, and innovation will be key to building a strong retail environment for the future. While challenges remain, the industry’s ability to bounce back from difficult times serves as a testament to its determination to succeed in the face of uncertainty.

Supporting retailers and landlords

Retail Property Marketplace is where retailers meet commercial landlords for a day of discussing shop and space acquisitions. This is Australia’s most diverse network of retail brands, landlords, agents, operators, property developers, franchise operators and shopping centre owners. The event is designed to evoke a partnership between retailers and landlords and bring all aspects of the industry together under one roof for one day.

Finding retail space for your new or growing business can be a long, drawn out process – researching locations, speaking to landlords, touring the various spaces, negotiating the lease. And that is before you move in and start the fit out. It takes months. RPM aims to disrupt the industry, offering a faster, more efficient route to completion.

Our aim is to be the single most time and cost-effective way to meet leading landlords, learn from those who have successfully done what you want to do, get the inside scoop on the latest and best retail opportunities out there and set your retail business firmly on the path to growth.

This year’s event will be returning to The Timber Yard in Melbourne on May 30th and is an exciting opportunity for retailers seeking to expand, enhance or streamline their retail property strategy.

For retailers, the event offers access to a diverse range of properties and spaces that can fit their specific needs, whether it’s a flagship store in a CBD or an independent store. By providing unparalleled access to the industry’s most influential players, these marketplaces empower retailers to find locations that align with their brand identity, target demographic, and operational requirements. For landlords, the event offers a comprehensive suite of resources, networking and support services to enhance their leasing efforts, attract quality tenants and maximise the value of their retail properties.

Retail Property Marketplace takes place at The Timber Yard, Port Melbourne on 30 May 2024. Registration is FREE for retailers and includes lunch, barista coffees, refreshments, and end of day networking reception. Go to Retailer Registration to claim your free ticket.