Sydney CBD's retail landscape is rapidly changing with Asian retailers slowly moving out of Chinatown and into the mid-city, according to Colliers International.
Colliers’ Asian division executive Andrew Ou said the introduction of longer trading hours in the mid centre and lack of high end retail space in Haymarket is pushing many Asian retail tenants to the mid city area.
Ou points to the retail component of the
He is currently leasing shops in stage three of the development and parts of stage two.
Japanese supermarket chain Miracle has already committed to stage one for their new “Max M” concept store, which will offer a fusion of a European food hall with a high end Asian supermarket. Max M was recently voted best Japanese supermarket by Time Out Sydney magazine.
Tenants to have already committed to stage two include high profile one-hat Japanese Restaurant Azuma who will open their second Sydney restaurant (the first is located at Chifley Tower), as well as a fitness club and a luxury handbag store.
Ou said a perfect example of the kind of innovative retailers being attracted to the area is the modern day bazaar retail concept space called CO*OP who have taken 500 sqm of space on the Kent St retail level of Regent Place.
Karen Leung, the brains behind CO*OP, said the store is based on a concept that is highly popular in Asia and Europe, where young retailers and designers have the opportunity to take space without the regular high overheads and barriers of going it alone.
Leung said many smaller retailers out there want to start something without the risk of investing too much and those who want to sell the latest technology and gadgets, but will never survive on their own with the likes of JB Hi Fi.
Australian Property Journal
