This article is from the Australian Property Journal archive
CBRE has rebranded the bulky goods division to large format retail to align itself with the peak national industry body the Large Format Retail Association (LFRA), which until recently were known as the Bulky Goods Retailer Association.
CBRE’s Australian head of large format retail Chris Parry said the rebranding in Australia has been driven by the changing nature of the industry and significant planning changes that have recently occurred in Victoria.
“It also reflects the ongoing development of the sector as a viable asset class, underpinned by the growing level of trade generated by this sector. In the year to June 30, 2013, large format retail sales totalled $59.9 billion nationally – some 20% of all retail sales,” he added.
Parry said retailer categories including pet supplies, toy stores, sporting goods and baby goods had often found it difficult or were prohibited from these types of centres, despite the requirement for large floor plates, direct loading and direct customer access to operate their businesses.
“The changes in Victoria had facilitated the ability for these retailers to clearly understand and have confidence in the planning system and as a result they beginning to reinvest into the state.
“The name change also aligns with the branding of CBRE’s teams in the US and Europe. This gives continuity to the increasing number of international retailers targeting Australia,” Parry said. “Active international large format retailers in this market include Costco, IKEA, Muji, Weylandts and Williams Sonoma.”
Property Review
