A landmark report into Perth’s suburban main retail strip precincts reveals a large variety of shopping offerings, design features and market conditions amongst the precincts. The study by the Property Council of Australia and Lease Equity found the eight precincts in the study cover 96,200sqm of retail space, which is slightly more than the largest single shopping centre in Perth.
Property Council of Australia Executive Director, Joe Lenzo said the report will help the property sector to manage and improve retail strip precincts. These precincts have an important role in servicing the growing population densities in Perth’s inner areas.
When combining the eight retail strip precincts under review, they span 5.8kms of street frontage and range from 150 metres along Napoleon St and Station St in Cottesloe through to 2.5kms along Albany Hwy in Victoria Park.
Combined, the eight precincts comprise over 95,000sqm of retail space.
Lease Equity Managing Director, Jim Tsagalis said that whilst the precincts showed that over 20% of the total retail space was occupied by apparel retailers, this was likely to change substantially, and he expected this percentage to decline by the next report in favour of food and beverage. “Whilst food catering accounted for 17% of total space, we anticipate this will increase significantly in these key areas” he said.
Strip retailing has the potential to draw well beyond their primary catchment. The number, variety and anecdotal trading performance supports this. The ambience, presentations and street appeal combine to be major attractions to strip precincts.
Source: Lease Equity