The Urbis Retail Averages for the 2008/9 year are released today (15 October 2009).
This national survey of shopping centres has been running for 17 consecutive years and provides a comprehensive picture of how the Australian shopping centres have performed.
The Urbis Retail Averages are used by shopping centre owners, investors, analysts and valuers to benchmark the performance of centres, their owners and managers.
The survey released today covers Regional centres and Sub-Regional centres throughout Australia and is based on detailed data provided by shopping centre owners for over 210 individual centres. There are 65 Regional centres, most of which have at least one department store such as Myer or David Jones, and a further 250 Sub-Regional centres in Australia.
2008/9 was a difficult year for the Australian economy overall, although the national retail sector managed steady growth for the year at 4.6%. Food and convenience retailing generally performed well, while more limited household budgets impacted on retailers in the discretionary sector.
Simon Rumbold, National Director of Economics, said:
"Considering the economic conditions this past year, Australian shopping centres have held up remarkably well, maintaining real growth in sales turnover and rental income. There is still good demand from retailers for tenancies, with average vacancy at only 1% for specialty shops".
"Consumers continue to show their preference for the more extensive range and offer at the larger shopping centres. Owners of all centres will need to take opportunities to expand their centres to meet the growing markets in our major urban centres. State and Local Governments need to recognise this demand and accommodate, not stifle growth in retail centres".
More in depth commentary available in Urbis Retail Perspectives - Averages edition > click here
| 
