Over the past few years, the likes of Westfield, Mirvac and Vicinity have invested millions of dollars converting their tired old food courts into hipster “dining precincts”, while shifting to an “e-commerce resilient” store mix.
Most worryingly for Australian shopping centre operators, when consumers were asked what they wanted most, dining and services were way down the list compared with in Asia. The one thing Aussies want more than anything? Parking. “All these landlords have been investing in entertainment, leisure, dining precincts, that’s underwritten 90 per cent of the big developments retail landlords have done. The data here is saying less of a focus on dining and entertainment than what the landlords perhaps think. The landlords are less focused on the lower-return the customer is asking for which is carparking.”
UBS said its findings suggested landlords should focus more heavily on cutting up underperforming department stores and discount department stores to boost variety and services while spending more on parking to improve access. In Australia, 93 per cent of respondents were aware of Amazon, 22 per cent had purchased an item and around 40 per cent said they were planning to. Importantly, whenever Amazon enters a country it leads to more people shopping online generally.
“They’re expensive places to be, I think that’s sometimes forgotten. you’re playing catch-up. All the tenants are saying, ‘We’re paying a lot in rent, what’s happening with foot traffic?’”
They aren’t listening,are they? PARKING we said,not fancy food or experiences!
I just want good food in the shopping centres that is not overpriced!
Free Parking!!!
Amazon has killed many books by publishers printing the truth !
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