Perth’s retail main streets are suffering as they struggle to keep up with the ever-changing market. However, carving out a unique offering that reflects their local neighbourhood will revive their relevance for consumers, and see them thrive.
Unlike shopping centres that are constantly evolving and extending their offering to attract customers, retail strips have fallen behind causing a loss in revenue and high vacancy rates. This presents a significant challenge for retail strips in their ability to support and sustain growth.
Despite these challenges there are a number of opportunities for retail strips to succeed by drawing on their unique offering. Urbis Directors, David Cresp and Chris Melsom explore just what it is that sets the high performing retail strips apart from those lagging behind. Success factors include a clear understanding of ‘the pitch’ and offering of the strip, diversity in service offering, day and night activation and a strong focus on people.
Urbis is calling on local governments to better capture and understand data on retail strips to inform the future of these areas; there is a lot more that could be done to assist in shaping these places and spaces to better serve their communities.
Read more about the challenges and opportunities facing retail strips in the article originally published in The West (paywall) below.