CBRE has rebranded its bulky goods division to CBRE Large Format Retail to better reflect the changing face of the industry.

CBRE’s Australian head of large format retail, Chris Parry, said the rebrand aligns with a recent move by the Large Format Retail Association (LFRA), who until recently were known as the Bulky Goods Retailer Association.

“The rebranding in Australia has been driven by the changing nature of the industry and significant planning changes that have recently occurred in Victoria,” Parry said.

“It also reflects the ongoing development of the sector as a viable asset class, underpinned by the growing level of trade generated by this sector. In the year to June 30, 2013, large format retail sales totaled $59.9 billion nationally – some 20 per cent of all retail sales.”

A major influence in the name change for both the LFRA and CBRE was Victoria’s progressive planning reforms, which have allowed for a broader range of retail categories to trade from large format retail centres.

Retailer categories in Victoria including pet supplies, toy stores, sporting goods and baby goods had previously found it difficult or were prohibited from these types of centres, despite the requirement for large floor plates, direct loading and direct customer access to operate their businesses.

The name change also aligns with the branding of CBRE’s teams in the US and Europe.

“This gives continuity to the increasing number of international retailers targeting Australia,” Parry said.

“Active international large format retailers in this market include Costco, Ikea, Muji, Weylandts, and Williams Sonoma.”