Sub-regional shopping centres might rightly feel like the middle child at the moment: seemingly unnoticed and a bit unloved. Middle children often have to try a little harder to be heard and recognised; the same might be said for sub-regional shopping centres.
It’s no secret that many forms of bricks and mortar retail have found conditions challenging over recent years. Domestically and abroad, retailers are facing a range of structural changes. Retail sales growth has been relatively weak and in the case of department stores has barely grown over the past three years.
The future success of sub-regional shopping centres depends on two key factors: struggling discount department stores adjusting their strategy and winning back market share and landlords changing the retail mix within centres.
This report focusses on the second factor and explores various ways in which landlords can employ asset management initiatives to increase foot traffic in their centres. Sub-regional shopping centres will need to evolve to ensure they remain relevant in the Australian retail landscape.