According to the Financial Review, retailers are moving on from
cost-cutting and engaging in new store rollouts in a positive reaction to
business growth. In a sense QVM is doing the same thing with its renewal
program.
A survey in September and
October showed that 70% of retailers are expected to open new Bricks'n'Mortar
stores in 2015. This is up from 55% the same time last year when cost-cutting
and margin protection were seen as priorities. Despite competition from online
and the new international arrivals, particularly in fashion, retailers are
looking to change their strategies to a more positive outlook. No doubt the
success of concepts like Melbourne's new Emporium centre has contributed to the
optimism. It is not clear if
"new stores" refers to adding stores, or includes some refurbishing
or relocating, but the emphasis is on "new".
QVM's renewal will utilise our existing iconic buildings but with
a completely new look at market retailing. In fact, isn't the Draft Master Plan
due out this month? We wait with great expectations.
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