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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