Stores in for long haul on short leases
MYER has joined the pop-up store craze in a effort to attract shoppers in the lead-up to Christmas.
With shops now opening daily, the retailer has leased small spaces across the country to sell small gifts.
Pop-up stores have now become entrenched in the retail landscape and property agents are tipping that demand will keep rising.
Myer is selling Christmas gifts from pop-up shops at Southern Cross Station and five other shops in centres at Doncaster, Fountain Gate, Bondi Junction, Parramatta and Carindale.
Products on offer include Myer gift cards, fragrances, cosmetics and Christmas gift ideas for the family.
The pop-up shop in the CBD also features iPads to enable customers to browse Myer's online range.
A Myer spokeswoman said the trial was an opportunity to provide existing customers with a convenient and quick way to shop for Christmas gifts, as well as attracting customers who may not usually shop at Myer.
If successful, the goal is to re-use the shops for future events or to launch new merchandise offers.
The trial is an initiative of the Myer Innovation Group.
Alex Alamsyah, the director of retail leasing at Knight Frank, has recently secured a number of pop-up leases and expects more to open across all capital cities.
Meanwhile, the head of retail services at CBRE, Josh Loudoun, says retail rental growth in Sydney is expected to moderate in the coming months amid weak consumer sentiment.
International retailer groups have expressed a strong interest in Melbourne's prime CBD locations. Brisbane has had a recovery in occupier confidence and the market has recently attracted a healthy mix of high-profile national and international retailers.
In a CBRE report on retail trends, Mr Loudoun said Sydney retailers were manoeuvring to relocate to prime shopfronts on high streets, hoping to take advantage of lower rents.
"The rate at which retailers were signing leasing deals remained slow as retailers remain cautious," the report said. "International groups expressed a strong interest in prime CBD locations in Melbourne, where its high streets performed well, having been dominated by cafes and restaurants.
"Brisbane also witnessed a recovery in occupier confidence in the aftermath of the 2011 floods, as completion of the Wintergarden refurbishment has attracted a strong mix of high-profile national and international retailers."