Stores in for long haul on short leases
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."
Frequently Asked Questions about this Article…
Myer has leased a number of small pop-up spaces across the country to sell small Christmas gifts, gift cards, fragrances and cosmetics. The trial — run by the Myer Innovation Group — includes a CBD pop-up with iPads so customers can also browse Myer’s online range.
Myer’s pop-up shops include a site at Southern Cross Station and five centre locations at Doncaster, Fountain Gate, Bondi Junction, Parramatta and Carindale, plus the CBD pop-up that features iPads for online browsing.
Products on offer include Myer gift cards, fragrances, cosmetics and Christmas gift ideas for the family. The CBD pop-up also provides iPads so shoppers can access Myer’s full online range while in-store.
A Myer spokeswoman said the trial aims to give existing customers a quick, convenient way to shop for Christmas gifts and to attract shoppers who may not usually visit Myer. The initiative is run by the Myer Innovation Group and successful sites could be reused for future events or new merchandise offers.
Yes. The article says pop-up stores have become entrenched in the retail landscape and property agents expect demand to keep rising. Knight Frank’s director of retail leasing, Alex Alamsyah, has secured a number of pop-up leases and expects more to open across capital cities.
CBRE’s head of retail services, Josh Loudoun, says retail rental growth in Sydney is expected to moderate in the coming months amid weak consumer sentiment. A CBRE report also notes retailers are cautious, signing leases slowly and some are relocating to prime high-street shopfronts to take advantage of lower rents.
Yes. The CBRE report cited strong interest from international retailer groups in Melbourne’s prime CBD locations. Brisbane has seen a recovery in occupier confidence, with the Wintergarden refurbishment attracting a healthy mix of national and international retailers.
The article highlights mixed signals: rising demand for short-term pop-up leases and international interest in prime CBD sites (especially Melbourne and improved Brisbane), but moderating rental growth and cautious leasing activity in Sydney. Everyday investors should note that landlords may see more short-term retail activity and selective demand for prime locations, while broader rental growth may be uneven across cities.
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