Strategy change required for large format retailers

April 23, 2018 by  

Following the increasing popularity of online shopping, large format retailer are looking to diversify tenants within their leasing spaces.

In shopping centres once dominated by electrical goods and furniture, a range of daily needs businesses such as gyms, bottle shops, restaurants, and pet supplies retailers are taking over the space.

Similarly, the Home Consortium joint venture, which was formed to create the former Masters stores in a few Australian capital cities, is also taking on the diversification strategy.

According to David di Pilla, chairman of the Home Consortium, they are currently focusing on bringing food and beverage, gyms, and government services closer to the customers.

In Springvale, Ouson Group has developed a new shopping centre on the site of the old Bunnings Warehouse. The new centre on 754 Princes Highway is just down the road from the new Bunnings as well as the Springvale Homemaker Centre, a joint venture between Ikea and Harvey Norman.

Leasing agents Burgess Rawson managed to lease out the stores in the centre prior to its opening. The tenants include Aldi, The Good Guys, Crunch Fitness, and Best Friends Pets store.

Businesses who are interested in leasing a site are encouraged to contact commercial real estate agents in the area. A professional leasing agent will be happy to help with finding a site of suitable cost and size. The contact details of leasing agents can be found online or via business cards.