Australia Retail ViewPoint - Luxury Retailers Targeting Melbourne: CBD Retail Landscape Changing June 2015
The number of luxury retailers opening or expanding their store network across Melbourne’s CBD increased substantially in 2014 and early 2015. The growth in high-end retail is supported by rising levels of international visitors to Melbourne who have a greater tendency to purchase luxury items than domestic visitors. Australians are however becoming wealthier, supporting spending on high-end products as well. A number of redevelopments across the CBD are rejuvenating the city, making Melbourne a highly attractive retail destination. Melbourne is likely to continue to see a growing number of foreign brand entrants and expansion plans rolled out over the next few years, with luxury brands targeting prime locations in the CBD. The entrance of foreign brands is and will continue to change Melbourne’s CBD retail landscape, and amid a tight vacancy market, rents are likely to rise further.