Canberra faces unique challenges, with the highest vacancy rate at 15.5 per cent. The quiet CBD hampers recovery, though recent improvements to the Canberra Centre have introduced some vibrancy and upscale dining options. The capital has the highest proportion of eating establishments among surveyed cities. However, the prevalence of secondary shop fronts on malls presents obstacles. A mix of varying quality, often strata subdivided retail spaces in need of significant investment, has made attracting premium tenants difficult. Services like optometrists and hairdressers dominate, representing nearly a quarter of shops, while clothing retailers have largely moved into the Canberra Centre.
All surveyed markets show a similar proportion of recreational goods retailers. This sector, which had previously diminished in CBDs, is making a modest comeback, offering entertainment products such as bikes, books, games, and cameras. While traditional luxury items may be beyond the reach of many CBD shoppers, there's a growing trend of specialised, high-quality food retailers. Upscale pastry shops, nut stores, chocolatiers, and ice cream options are gaining popularity, offering consumers a taste of affordable luxury.
The quality of CBD retail offerings is crucial for attracting premium tenants and enhancing city vibrancy. Creating spaces that appeal to both locals and international visitors, combined with a strong weekday workforce, will ensure the long-term viability of our retail store fronts and support smaller local businesses in this post pandemic era.
**Prime retail core refers to a collection of streets surrounding the retail malls in CBD locations. This analysis represents a tenancy count based on number of shops**
