This article is from the Australian Property Journal archive
CFS Retail Property Trust has confirmed the worst kept secret in Melbourne, announcing that Japanese fashion brand Uniqlo has leased 3,000 sqm of space over four levels at Emporium Melbourne.
Fund manager Michael Gorman said with the project starting to take shape, the leasing program has ramped up and excitement is building among retailers.
“We are excited to have signed another quality tenant at Emporium Melbourne with the addition of Japanese fast-fashion brand Uniqlo.
“The store, which is its first in Australia, will be a 3,000 sqm flagship store anchoring our development over four levels. We have been collaborating with Uniqlo for some time both about its expansion plans into Australia and opportunities within our portfolio,” he added.
Uniqlo is the latest retailer to come aboard, joining lululemon, Marcs, Saba, M.J. Bale, Coach, Topshop, Salvatore Ferragamo, Scanlan & Theodore, sass & bide, Zimmerman, Oroton, Mulberry, Carla Zampatti, Georg Jensen, Alannah Hill, MAX&Co. and Lisa Ho.
Meanwhile the trust’s shopping centre portfolio recorded comparable1 specialty store sales growth of 2.5% for the 12 months to 31 March 2013 compared to 2.1% at 31 December 2012.
Gorman said the retail environment improved slightly during the period, boosted by strength in the equities market, a continued pick up in house prices and solid employment growth.
“While we are buoyed by these positive outcomes for retail sentiment, retail sales growth remains choppy.
“We are particularly pleased with sales growth of 8.2% from the DFO retail outlet centres. The increased customer visitations and sales generated from the extensive remixing we have undertaken since their acquisition, bodes well for our current redevelopment at DFO Homebush,” he added.
“Economic indicators for the retail environment are generally heading in a positive direction and this has driven consumers’ confidence above the long-term trend. Our portfolio remains in good shape, and we expect retail specialty sales growth across our shopping centre portfolio to reach 3% in this calendar year. Despite the relatively accommodative environment, we also expect the leasing market to remain challenging over the short-term.
“We will continue to ensure that our shopping centres cater to their local communities with a relevant retail offer by delivering the right tenancy mix and facilitating new concepts. That also means we are focused on the successful delivery of our development pipeline, both projects currently under construction, and key developments that are yet to commence, including the next stage of Chadstone Shopping Centre.” Gorman said.
Property Review
