International retailers with deep pockets are in the offing to gain entry into these two Australian cities.
Globalization of retail is an interesting phenomenon. Until a decade ago it was seldom thought that retailers from one country would set foot into another. But currently, retail giants are spreading their wings, contemplating to enter new markets to cash in on the new opportunities. Sydney and Melbourne maintains their rank among the top 10 expensive markets for retail space; globally. Retailers from across the globe are waiting on their wings seeking entry into these two Australian cities.
Australian Retail market:
Despite economic downturn, apparel retail industry continues to grow at a healthy rate. Retail industry is very advanced, and new merchandise can reach the consumers faster and at a lower price. Global retailers are seeking entry into the Australian retail market, with many of them already in the process of rolling out stores; locally. A Colliers International research states that among the global retailers chalking plans, 40% of them are from the US including Abercrombie & Fitch, Banana Republic, and J.Crew. Other retailers from European, Asian, and Middle East countries are also planning foray into the Australian market.
Retailers entering into the Australian market