News & Discussion: CBD Retail

[SouthAussie94]

New Rundle Mall looks good, clean store, well lit, plenty of checkouts, a cafe and windows looking out towards street and Hindmarsh Square

Yep, a very nice supermarket indeed. Is it the first Foodland to have self serving checkouts?

Norwood has had a small self-checkout area for quite a while now.

Foodland at Mitcham has them too

[Llessur2002]

Yep, a very nice supermarket indeed. Is it the first Foodland to have self serving checkouts?

Norwood has had a small self-checkout area for quite a while now.

Foodland at Mitcham has them too

And Fulham Gardens.

[Brucetiki]

Norwood has had a small self-checkout area for quite a while now.

Foodland at Mitcham has them too

And Fulham Gardens.

The Drakes Foodlands at Grange and Old Reynella have them too.

[Sephiroth_FF]

Foodland at Mitcham has them too

And Fulham Gardens.

The Drakes Foodlands at Grange and Old Reynella have them too.

And Golden Grove.

[SRW]

Ok, cool. We get it. Self-service (vice or virtue) is everywhere. What's new with CBD retail?

[ghs]

And Fulham Gardens.

The Drakes Foodlands at Grange and Old Reynella have them too.

And Golden Grove.

And north adelaide.

[Patrick_27]

What's the go with the facade upgrades to Rundle Square? This isn't going to become one of those things where the owners made a promise to lure a major tenant but then never actually do anything about it because what a shame if that does happen!

[SRW]

Just to shift the conversation, here's an article about increasing vacancies around the country, especially those resulting from ground level retail space in new developments as mandated by planning policies: https://www.abc.net.au/news/2019-06-06/ ... s/11184644

The most interesting part is the problem of it being cheaper for landlords to sit on vacant property than cut rent to attract tenants. This really a recipe for empty cities as retail gets evermore cut throat, and current rents become increasingly unsustainable. As with many things, banks are a big part of the problem. The relevant excerpt:

But value is part of the problem.

Karl Fitzgerald, project director at thinktank Prosper Australia, said empty shops are not going to fill up soon, because banks put developers in a "straightjacket" that prevents them lowering rents to attract a tenant.

Retail valuations are often based on the last rent received, so a shop sitting empty is more 'valuable' than one that cuts its rent to attract a tenant.

Any rent reduction — even if it lures a tenant — could trigger increased loan repayments, because it changes the loan-to-value ratio (known as LVR) of the property.

"In order to keep the banks happy they cannot reduce those rents," he explained.

"So they keep them at a higher price and, from there, they wait for the market to catch up to them.

"They've got to keep the rates at that level — if they try and reduce them they'll be asked to make up that shortfall."

Middle-ring suburbs like Box Hill in Melbourne have been drenched in low-rise apartments in recent years.

Prosper Australia's research — which tallies water meters where not a single litre of water has been used in a year — suggests as much as 36 per cent of commercial space in that suburb is empty.

Something's gotta give. Empty shops beget empty shops, not to mention blighted and inactive high streets. Obviously, on the planning side of things, new developments should have ground level space that is more commercially adaptable and thereby leasable. But beyond that, we need either stick (i.e. vacancy tax or maybe compulsory participation in Renew Adelaide scheme) or carrot (changing the rules around rents and property values). I'd suggest the latter would have more success.

[SRW]

Separate to the above, Burger Theory on Union Street will close this month. Not sure what'll happen to the Flinders Uni site, but the East End closing was probably a foregone conclusion once Betty's Burgers opened (following on from Grill'd and a less-than-popular menu change by BT). Shame the interstate chains won out.

[Nathan]

Separate to the above, Burger Theory on Union Street will close this month. Not sure what'll happen to the Flinders Uni site, but the East End closing was probably a foregone conclusion once Betty's Burgers opened (following on from Grill'd and a less-than-popular menu change by BT). Shame the interstate chains won out.

Speaking to one of the guys at Union St, the competition on Rundle St had little impact. It's all been down to the menu change being unsustainable business wise, but it was something they really believed in so they were never going to go back. The Union St store is being sold, but the business is still theirs and running. The Flinders Uni Tavern still does really well, so that'll continue as is, and they may still pop up for various events.

[how good is he]

So is it still going to be Burger Theory after the sale (in 2 weeks) & with the same format of ‘roo meat burgers?

[Ben]

Sephora is going in the former Just Jeans site.

[bradj]

Sephora is going in the former Just Jeans site.

Shouldn’t be too far off either, my friend got offered a job and her training is end of july/ beginning of august!!

[HeapsGood]

So is it still going to be Burger Theory after the sale (in 2 weeks) & with the same format of ‘roo meat burgers?

Has become Hello Harry with, fortunately, beef burgers.
https://indaily.com.au/eat-drink-explor ... the-block/

[nath91]

Prime site for Sephora, near the malls balls, Apple store and next to Lululemon (same demo)