Some Hipster Retail Strips gaining traction
It is no surprise that the largest and busiest centres across Australia, such as Chadstone Shopping Centre and Westfield Bondi Junction (amongst others), reign supreme and consistently come out on top when it comes to the level of transaction and sales activity in large retail precincts across suburban areas of Australia.
However, according to Geotech’s recently released latest edition of The Precinct Prospector Report (based on Mastercard Merchant data), some large strip locations have been much more volatile in their level of transaction and sales activity over the past year, particularly in Melbourne.
Interestingly, some of Melbourne’s most diverse, hipster strip locations have gained the most ground over the last year in transaction and sales activity when considering all large suburban retail precincts across Australia. Strips such as Johnson Street, Fitzroy, and Smith Street / Wellington Street, Collingwood, have had the most significant movements upwards in transaction and sales activity over the last year – however there is still a long way to go for these precincts.
Even though both these retail precincts have had significant traction, both are still only ranked around mid-range in both transaction and sales activity when considering the performance of all retail precincts across Victoria, and both are ranked very low on a spend per transaction basis (ticket size).
Another standout hipster strip location gaining traction is Princes Highway / King Street Newtown (to the east / north east of Newtown Station) in Sydney. It has experienced one of the most significant increases in transaction activity across all large retail precincts in Australia over the last 12 months, now ranked at 549th out of 1,424 retail precincts in Sydney in transaction activity (compared to being ranked 588th 12 months ago).
On the other hand, large retail strips such as Toorak Road and Chapel Street South Yarra are struggling, and have seen some of the most significant declines in transaction and sales activity of all retail precincts across Australia over the last year. Performance of these strips would largely be impacted by the disruptions from major developments currently occurring along Chapel Street and in the general area, including the $500million redevelopment of The Jam Factory.
Geotech is happy to assist and provide further information on retail precinct performance across Australia. Contact us at firstname.lastname@example.org or by calling (03) 9544 0440.
Precinct Scout visually displays the strength of a precinct on important measures such as transaction and sales activity, which is an invaluable tool for retailers wanting to assess retail precincts.