There is no shortage of activity recently in our capital cities, with Sydney’s CBD alone to develop and build up to 700 apartments, including the Barangaroo project. And it’s no surprise to see that at least 10 international brands are set to call Australia home in the coming year, with many sending out scouts to secure prime locations in the key city malls.
It is known that several international retailers are eyeing the Australian market, with Marks & Spencer leasing agents looking at Melbourne and Sydney via Royal Sporting House, as well as iconic London retailer, Hamley’s toy shop.
Rumour has it that H&M, Uniqlo, and River Island are facing off for a site on George St, Sydney, while Oroton has secured the rights to develop Banana Republic and Old Navy in the Australian market.
Ask any surfer and they will tell you that all waves come in sets and this is only the first few waves with larger to follow over the course of the next two to three years.
Michael Bate, head of retail at Colliers International, told media this week: ”With our appetites for global brands increasing, the ‘second wave’ of international retailers are on their way to Australia”.
What can Australian retailers do to compete?
Simply put, embrace the change.
See this as an opportunity to get even fitter in retail, sharply differentiating your offer more so than before to build uniqueness and exclusivity that cannot be simply competed by new entrants. Build omni-channel capability, focusing initially on business information systems and database as well as inventory visibility and capability, and develop good replicable methodology in your operational deployment.
And take on the world!
Happy fit retailing
Founder & CEO
Retail Doctor Group
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