An expanding segment; a few years ago (2014 to be precise) we started the CBD Guns feature with 15 centres; this year it’s 24. Lendlease’s Barangaroo joins the rankings as does the MLC Centre in Sydney, along with St. Collins Lane and Galleria in Melbourne.
The field this year, is somewhat dominated by Vicinity Centres with the Top 2 centres on the MAT ladder, Top 2 in the MAT/m2 stakes and Top 4 in the Specialty MAT/m2. But it’s a fascinating sector because unlike any other ‘Gun’ – Big, Little or Mini – the influences are very different.
This year saw some good increases; QV Melbourne was a standout, QueensPlaza in Brisbane and Sydney’s QVB showed healthy Specialty MAT rises.
Cities change; residential populations can vary dramatically, infrastructure projects can have major effect, surrounding developments change pedestrian flows. City centre retail is about fashion – in clothing, food, drink, leisure; it’s about tourism, day trippers, interstate and international and the changes in each can be swift and difficult to predict.
‘Disruption’ is the new buzz-word and it occurs in the shopping centre world, no more dramatically than in CBD centres. But we’ve recognised that in Australia; companies like Vicinity Centres, Dexus, JLL, ISPT, Mirvac, Stockland, Lendlease, GPT and Scentre Group, all major and world-leading players, are adopting very different strategies to those of even half a decade ago, to take on the challenges and harness the opportunities.
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