Super-neighbourhood centres to outperform the market

Property consulting firm Urbis believes super-neighbourhood centres will outperform market benchmarks of financial performance by engaging local communities.

Frasers Property defines a super-neighbourhood centre as around the same size as a subregional centre, but with a tenancy mix more similar to neighbourhood centres with a focus on convenience and specialty retail, fresh food and entertainment, as well as emerging services like work environments and social spaces.

“Our analysis of the emerging super-neighbourhood category shows these centres have the capacity to deliver higher in-store sales through longer and more stable shopping patterns, in turn supporting higher rental growth which, in turn, drives value,” Urbis national director Matthew Cleary said.

“Targeted with the right mix, the super-neighbourhood concept has the capacity to attract not only passing shoppers, it will also command local trade through being a focal point for meeting the widest possible range of needs for its surrounding population.”

Cleary added that centres need to embrace longer and more expanded trading hours to facilitate constant trade throughout the day, and create greater levels of cross shop opportunities to cater of everyday needs.

Shopping centres are increasingly becoming a social space, as well as a place of commerce, and that by designing around this expectation ideally positions super-neighbourhood centres to satisfy the demands of the surrounding community.

“Traditional retail spaces and formats are falling behind, unable to adapt, and unable to meet the modern demands of our retail environment,” Cleary said.

“Super-neighbourhood centres can bring us back together in a modern town square or market place to meet demand for a real and engaging place.”

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

Comments

Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inside Retail Polls

As FY18 draws to a close, how would you describe your company's full-year results??

Twitter

.@Wesfarmers to purchase @catch_au for $230 million, with @Kmart_Australia and @Targetaus to benefit from the marke… https://t.co/RNsoNC7H0R

1 week ago

Australian brand house #Gazal acquired by @PVHcorp in order to have greater control over its brands, such as… https://t.co/lHAdi7mKmg

2 weeks ago

Two thirds of Aussies are looking for discounts online says @PayPalAU, while retailers seek to slow price markdowns… https://t.co/54hjxgpGax

3 weeks ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered