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Yagan Square opened in March 2018. Photo: Gabriel Oliveira

Liquidation as pressure builds at Yagan Square

Two businesses at Yagan Square have shut up shop in recent weeks, with warnings more may follow as tenants grapple with low foot traffic.

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JBC Corporate is a firm of chartered accountants who specialise in assisting businesses who are experiencing serious financial difficulties. It is is no coincidence we have had 4 bars approach us in the last 10 days. If we were more active I suggest there are as many more a week who are facing the prospect of closing their doors. The fall in turnover is only part of the story. Delusional landlords who still believe we are in boom times fail to understand some rent is better than none. The majority of these bars which are closing are operated by parties with no assets hence personal guarantees are valueless. We have had some success is pushing back on landlords who are adjusting their leases to turnover to give all parties a chance of recovery. Our role is to assist businesses get the best outcome for all parties. If a liquidator is appointed they are bound by a formal process which can be expensive and most likely will end with creditors getting nil.

Perth
I think part of the problem lies in the building itself. Too much emphasis was placed on how the building looks from the outside, and not enough consideration to its function. It's disconnected from its surrounds - it's easy to pass by without knowing food outlets are inside. You shouldn't need marketing to attract people into the building - the design of the building should do that by itself. Opening it up more to the surrounds may help - at least a thoroughfare from one end to the other. Placing the retail outlets in the centre, and having the patrons around the outside would have been a far better approach as well. In addition food courts are popular for a reason: they're usually dirt cheap to eat at. Yagan Square is not!

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