MELBOURNE: Fashion retail will be crucial to Melbourne's future profile as a leading global city, according to a statement from the city's governing powers.
On May 12, around two years after the Victorian capital announced its long term retail strategy, Lord Mayor John So and Victorian Industry and Trade Minister Theo Theophanous unveiled the Melbourne Retail Strategy Year Two Report Card 2007:2008.
Key findings of the report card - which documented more than $1 billion in retail development currently underway in the central city and Docklands - showed fashion retailing was key to Melbourne' status as a drawcard for retailers and shoppers. Around 445 of the 1480 shops in Melbourne’s retail core were occupied by fashion retailers, compared with 340 out of 1700 in Sydney, the report confirmed.
Clothing retail occupied 37 per cent of the retail tenancy mix by shop numbers in the CBD. The Walk Arcade, located in the centre of the CBD and boasting fashion retailers including Witchery, Satch, Sussan, Portmans, Sock Shop, Rose Garden and Just Jeans, was Melbourne’s most specialised fashion laneway, with fashion retailers representing 83.3 per cent of the tenancy mix.
Meanwhile the GPO was Melbourne’s most specialised high-end fashion shopping centre, accounting for 56.9 per cent of the city centre’s retail tenancy mix.
Melbourne’s point of difference against other retail centres and cities remained its innovative use of laneways, with a new laneway, Goldsbrough Lane, set to emerge in late 2008 between Bourke and Little Bourke streets as part of the CBW (Corner Bourke and Williams Streets) redevelopment.
As demand for prime retail space continued to outstrip supply, retailers were looking for creative new alternatives for space, confirmed Fiona Snedden, chair of the City of Melbourne’s Business and International Relations Committee.
"Part of Melbourne’s distinct retail personality is the innovative use of its laneways network and above awning retail spaces. In the next 12 months, we will see further increased mix of commercial and retail buildings connected by lanes, concourses and open spaces."
Also unveiled on May 12 was the Docklands Retail Statement 2008 - a companion guide to the city's broader retail strategy - which revealed more than $675 million worth of new development was also underway in Docklands.
Major retail developments due for completion in 2008 included the Merchant Street retail village at Victoria Harbour, Docklands and outlet shopping centre Harbour Town.
Located at Waterfront City, Docklands, Harbour Town would house over 90 fashion, footwear, homewares and lifestyle outlet retailers when completed, the statement said.