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More vacant shops at Piccadilly Arcade could be an indication that a planned redevelopment program will kick off soon. Photo: Attila Csaszar

Retailers waiting for redeveloped city malls

Vacant shops are usually considered to be harbingers of doom and gloom in the retail sector, but that may not necessarily be the case in Perth’s CBD.

Pending redevelopments of CBD malls – collectively worth just under $350 million – are contributing to a rising retail vacancy rate in the centre of Perth.

While the fanfare surrounding the long-awaited opening of international retailer H&M at the historic GPO Building in Forrest Place has brought hype back to the city, preliminary data from commercial real estate agency Savills indicates retail vacancies are rising.

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4th-Knight Frank Australia117
5th↑Burgess RawsonNFP
6th-Savills48
7th↑Opteon41
8th-Landmark Harcourts WA28
45 real estate - commercial ranked by commercial staff [this field is calculated by applying the % of business commercial to the total staff in WA.]

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