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Jim Tsagalis says increased development around the city, including Elizabeth Quay and the new stadium, will complement CBD retail. Photo: Attila Csaszar

City retail revamp aims to rival the ’burbs

The vacant shopfronts and ‘for lease’ signs sprinkled among the retail precincts and malls of central Perth may signal a sector under duress, but some city landowners are still proceeding with extensive makeovers to their current offerings.

More than $250 million is being invested in city centre properties over the next two years.

These plans come at a time when CBD retail vacancy rates are at 16 per cent, according to the Property Council of Australia, up almost 2 per cent on the previous year.

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Comments

perth
Unfortunately, many landlords wont reason with a declining economy, choosing to have vacant shopfronts instead of working with tenants through the tough times. I have two shops in the city and will be heading to the suburbs once my lease expires.

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