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One expert believes the asset class can act as a remedy to increasing rates of online shopping following the announcement of a new large-scale, innovative “outlet retail” in Sydney’s west.
The Eastern Creek Quarter (ECQ), which recently received masterplan consent from the NSW Department of Planning for the third and final stage of the centre to go ahead, is targeting shoppers who migrated online during COVID-19.
Tim Moore, retail leasing director at Frasers Property Australia, explained how retailers view outlet retail as a “proven counter to the growth of online shopping, providing progressive operators new opportunities to reach more customers and grow their brand.”
He added, “There’s a distinct undersupply of outlet retail in NSW and western Sydney in particular,” which could result in the ECQ precinct serving “an enlarged catchment of some 1.2 million people while still celebrating the deep local community connections which underpin ECQ’s success.”
Approximately 100 brands are expected to call the centre home. But to nab a space within the new precinct, which lies at the intersection of the Great Western Highway and the M7 Motorway adjacent to Western Sydney Parklands, they must offer a minimum of 70 per cent of their stock at a discount from the recommended retail price, thus being classified as an “outlet” store.
With a permitted use of approximately 29,000 square metres in lettable area and designed by architects I2C and Hames Sharley, ECQ Outlet is planning to provide an additional 1,170 car spaces and family amenities to go with food and beverage and entertainment use.
The centre will also provide electric vehicle charging facilities in addition to a social sports and recreation-focused amphitheatre community space.
Mr Moore explained how Fraser Property’s community consultation revealed a “strong appetite for outlet retail at ECQ to complement the broader range.”
“For retailers, outlet retail is a proven counter to the growth of online shopping, providing progressive operators new opportunities to reach more customers and grow their brand,” he said.
He described the support of local stakeholders, including Eastern Creek Public School and Blacktown City Council, as well as the project’s community engagement as pivotal in developing an understanding of the offerings they’d like to see, which has “shaped and will continue to shape our vision for this first-of-its-kind precinct.”
Joanna Russell, general manager for retail development at Frasers Property Australia, explained, “The addition of ECQ Outlet represents an investment of approximately $150 million by Frasers Property in the community, including local infrastructure upgrades, to complete the mixed-use retail destination.”
The project is expected to deliver 500 jobs during its development phase, before a further 500 long-term opportunities arise once it opens in 2025, in what Ms Russell described as a “further boost to the local economy for many years to come.”
Frasers Property will target a minimum five-star green rating for the ECQ Outlet, incorporating energy and water efficiency measures, innovative waste management procedures, use of rooftop solar panels, and more, in order to achieve this target and net zero carbon during operation.
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