Market Reports

Beyond 6m Retail Property Insights 2023

May 22, 2023

Beyond 6 metres -
Retail Property Report 2023

Out Now

Agency Report Reveals Recipe for Retail Success

A Research Report into the inner workings of local retail strips has revealed the ideal ingredients for what makes for a successful local shopping hub.

Commissioned by leading South Eastern commercial real estate agency Nichols Crowder, the Retail Uses Research Report – Beyond 6 metres was undertaken late 2022 through to early 2023, revealing gradual changes and possible future impacts for retail hubs across Melbourne’s Bayside suburbs.

Nichols Crowder Director, Matt Nichols said the commercial property owner with an asset in a retail strip and the tenant operating their business, there is a lot more than the typical 6 metre shop front to consider when seeking investment and business prosperity in the retail property sector.  

“If you were designing a retail centre from scratch now, you would start with two major tenants at either end (for example: Woolworths and Coles),” he explained.

“In between, you would have a combination of brand name retailers (mostly fashion), a wonderful customer experience environment (great streetscape without the powerlines) and position the parking in a central location within 75 metres of the majors and ideally add a train station – these are the ingredients for the ideal retail strip.”

Exploring retail shopping strips from Brighton, Bentleigh, Beaumaris and Black Rock to Cheltenham, Hampton, Mentone, Mordialloc and Sandringham, the report also provides a detailed examination of strip ‘personalities’ pertaining to street layout, history, demographics, planning, car parking and public transport.

Mr Nichols said the report also provides valuable insights into shopping trends and consumer behaviour for both investors and tenants.

“Each shopping strip has its own personality which has evolved over many years in response to changes in shopper behaviour, demographics, infrastructure spending, re-zoning and development.

“We have no doubt that all retail stakeholders (owners, tenants, customers, planners and developers) will find the insights contained in the report of value.”

As part of the report, Nichols Crowder researchers separated retail uses in to two key categories being Primary and Secondary/Tertiary uses. Primary focused on the major retailers including supermarkets, various food, retail services and fashion shops while Secondary/Tertiary uses grouped destination business such as professional services (eg: accountants), medical, gyms and health/beauty.

Mr Nichols said for an owner, this research would give a better indication of the ideal uses for their shop, while for tenants, it explores how selecting the right premises can give their business the best opportunity to succeed.

“Whether it’s for groceries, essentials or something a little special, we all head down to the shops to get what we need, however very few of us understand the fundamentals and key components of what makes for a successful shopping strip.

“The Retail Uses Research Report, known as – Beyond 6m is a must read for investors who seek insights on what makes for a good retail investment , as well as for tenants when searching for the right premises for their business.” he added.

 

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