Global Retail City Profiles Australia
Sydney
As a highly prominent fashion hub in Australia, Sydney infuses mod- ern-day retail into its historic passageways to offer the best of big-city shopping to both locals and tourists alike. The arrival of international brands is a recent phenomenon, but these brands are quickly enhancing the traditional retail offering provided by major department stores. With a strong preference for the local food scene, more niche restaurants and cafes are opening within the inner-city precincts, where annual growth in high-density residential populations and tourist numbers continues to be significant. Retailers are also strategically positioning themselves within the George Street retail area, where a new light rail line is expect- ed to complete in 2020 and bring more crowds to the CBD. All the while, fast fashion continues to take off with major brands multiplying store locations and increasingly occupying mall space throughout the city.
High street Pitt Street Mall is Australia’s most expensive retail destination and arguably the busiest and most cosmopolitan shopping catchment area in the country. The pedestrianized high street has transformed in the last five to seven years and now showcases many recognisable domestic and international fashion brands, including Seed, Witch- ery, Country Road, H&M, Forever 21, Zara, and Sephora. A number of luxury accessory and jewelry brands also reside here such as Bally, Pandora, Oroton, Mimco, and Swarovski. Castlereagh Street, located parallel to Pitt Street Mall, is Sydney’s traditional luxury retail precinct, with Cartier, Dior, Bulgari, Gucci, Chanel, Georg Jensen, and Rolex all present. Tiffany & Co. has relocated from their historic flag- ship on Castlereagh Street to a new premise on King Street. Van Cleef & Arpels opened their first Sydney store at the corner of Castlereagh Street and Market Street in early 2017.
Shopping centers Sydney CBD offers four major shopping centers, and the largest of these is Westfield Sydney, which recorded over 45.4 million customer visits in 2016. The center benefits from its positioning between two key CBD retail high street areas: Pitt Street Mall and Castlereagh Street. Two major department stores (Myer and David Jones) anchor the southern end of Pitt Street Mall and both link to Westfield Syd- ney. The David Jones department store on Market Street is planned to be converted into a mixed-use retail and residential tower. David Jones, the existing tenant, will consolidate into their existing Eliza- beth Street store in late 2019. Planning and regulatory changes have been supportive of residential and commercial development across the Sydney CBD area in recent years, driving an increase in demand for retail amenities. Strong inbound tourism also continues to fuel retail spending in the Sydney CBD precinct.
Shopping center
Westfield Parramatta Westfield Miranda Macquarie Centre Westfield Bondi Westfield Sydney
Source: JLL 2018
Opening year 2006*
2014* 2014* 2015* 2010
Size (sqft) 1,482,000
1,388,000 1,169,000 1,016,000 973,000
Location Suburban
Suburban Suburban Suburban City Center
Population 5.0m
Prime rent (sqft per year)
US $978 Prime rental information for Pitt Street (Market St. to King St.)
Key indicators Population (‘000s No.)
GDP per Capita (US$, Real, PPP) GDP Forecast 2018-2022 (% pa)
Retail Sales Forecast 2018-2022 (% pa) Global CBRA Rank (Out of 140 cities)
Rental growth outlook
5,030
48,090 2.7 2.2 61st
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Key retail entrants
Van Cleef & Arpels Chopard Givenchy Tom Ford
Tesla Tiffany & Co. David Jones
Key tenants
Uniqlo, Zara, Gap, Forever New, Gap, Guess, JD Sports, Nike Apple, Adidas, Zara, Calvin Klein, Forever New, Dior Uniqlo, Chanel, Daiso, Forever 21, Gap, H&M, L’Occitane Bose, Chanel, Coach, Dior, Emporio Armani, H&M, Hugo Boss Zara, Chanel, Calvin Klein, Armani Exchange, Bose
Copyright (c) JLL IP, INC 2018
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