The relative strength of the Australian economy is proving to be a powerful lure for a range of international retailers, according to Colliers International.
The Colliers International International Retailers: Australia is Hot Property white paper found that 28 international retailers were actively looking for sites to set up shop in Australia or were already in the process of rolling out stores locally.
“Domestic growth prospects have stalled for many retailers in North America and Europe and in comparison to these countries, Australia’s fundamentals are strong,” Colliers head of retail, Michael Bate, said.
Colliers International research director Nora Farren anticipated that there would be an additional demand of around 220,000 square metres over the next five years, as the 28 international retailers identified as currently looking at Australia would require around 235 stores.
“Of the retailers identified, 62 stores have already been opened, the bulk being made up of Apple stores and Lululemon Athletica,” she said.
“These are both US retailers that are already established players in the local market.”