Expansion plans across the country for leading shopping centres and malls
It might seem like things are still going slow in the world of retail, but there are plans in the works to expand some of the country’s leading shopping areas.
Those at the forefront include Sylvia Park, Botony Town Centre and St Lukes in Auckland, Centre Place and Downtown Plaza in Hamilton as well as Te Awa mall and Johnsonville - and that’s just to name a few!
Currently Auckland’s Sylvia Park is New Zealand’s largest mall - and with it’s plans to expand it will be a whopping 130,000 sqm (up from 75,000 sqm). If this goes ahead it will keep it’s rank rather than losing it to St Lukes that is looking to grow up to 92,000sqm!
So with all this talk of growth, you’d think that retail sales must be taking off right? Well… that’s not necessarily the case. As we’ve said in an earlier blog, Hallensteins Glassons reported a profit that was higher than forecasted, and Kathmandu also had a good year. However, not all retailers have been so lucky. On top of low profits, stores have had to continue paying high rent on their leases. Not saying that this is the case in all situations, but it has lead to some smaller shops having to close their doors.
Hopefully the growth of these large shopping areas and malls will help retail pick up - we all know it’s exciting to check out the wears in a shiny new mall! Watch out for plans as they come out. And let us know your thoughts on the upgrades!
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Retailworld Resourcing is a recruitment agency that specialises in the retail sector. We place people in retail jobs in New Zealand and retail jobs in Australia, throughout all areas and levels within the retail industry.
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