Australian Shopping Centres: Development Opportunities Arising from Policy Reform

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    Notes on slide 1

    WA – 1.9 sqm per capita NSW – 2.0 sqm per capita VIC – 2.14 sqm per capita

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    Australian Shopping Centres: Development Opportunities Arising from Policy Reform - Presentation Transcript

    1. Development Opportunities arising from Activity Centres Policy Michael Chappell Director
    2. Michael Chappell
      • Urban Economist of 23 years experience
      • Founder and Director of Pracsys Economics
      • Research program economics of urban systems
      www.innovation4cities.com www.pracsys.com.au
    3. Retail Environment
      • Government handouts stimulate retail sales however weakness to occur through to 2011
      • Retail supply levels slow substantially as project defer plan until economic conditions improve
      Source: Westpac Property
    4. Retail Environment
      • Retail rent weaker than anticipated, with declines accelerating in Q2 2009
      • Yields likely to ease further, reverting closer to 10 year averages
      Source: Westpac Property
    5. Retail Caps How has the old ‘caps’ policy stifled retail development?
      • Overall supply is low (sqm per capita)
      • Floorspace productivity is high ($7,238 vs $6,247)
      • Lack of innovation in WA retail development
      • Disperses retail uses out of retail zones
      • Created an adversarial activity
      • Activity centres, not shopping centres
      • Focus on activity diversity and intensity
      • Priority development of accessible centres
      • Concentration of employment @ centres
      • Higher quality of employment
      Development Scenarios What are some of the scenarios for new & redeveloped shopping centres after the new policy if implemented?
    6. New Centre
      • Initial focus on transaction-driven retail and consumer services
      • Long term plan for maturity to full retail offer, but also non-retail components
      • Maturity recognises quality of amenity and employment as well as floorspace
    7. Redeveloped Centre
      • Age ≠ maturity
      • Maturity requires quality of amenity
      • Higher order centres need non-retail high quality employment
      • Priority for centres with good accessibility
    8. Existing Centre Implications What are the implications for existing major centres like Karrinyup & Garden City?
    9. Existing Centre Implications
      • Unique strategy for each centre
      • Booragoon needs more diversity and intensity
      • Karrinyup needs more diversity and accessibility
    10. “ Mixed Use” How can shopping centre developers take advantage of the new mixed-use development requirements for centre?
      • Shopping should become more localised
      • More (and more variety of) users
      • Longer, multi-purpose trips (consolidate trips)
      • More diversity of activity
      • Developer alliances for delivery
    11. Residential in Activity Centres Does the new policy mean shopping centre developers have to build apartments too?
      • NO!
      • but
      • They should scope out appropriate sites nearby
      • As the main property owners they may need to take responsibility for getting them built
      • Form alliances that can deliver
    12. Main Street What does Main St developments really mean and what are scenarios?
      • Planning response to the mall ‘phenomenon’
      • Main St should be interpreted as list of outcomes, not a prescribed design:
          • integrated amenities with catchment and transport
          • diverse activity and users
          • long trading hours
          • perception of high amenity
    13. Department Store Wars
      • David Jones – 4 new stores planned
      • Myer – expansion response?
        • Less travel distance
        • Greater comparison goods diversity
        • Centre anchors
      Vs
    14. Trading Hours
      • Support for extended weeknight trading to 8pm
        • 64% in favour (Westpoll Oct ‘09)
        • Enable multi-purpose trips (eg. shopping, dining, entertainment)
        • true ‘activity’ centres
    15. Activity Centre Performance Assessment
      • Please feel free to approach any of our consultants here this morning for more information.
    SlideShare Zeitgeist 2009

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