Retail trade growth at the iconic landmark is running at approximately 18% year on year.
Alex Kabalin, newly appointed retail executive of the V&A Waterfront, says “our tenants continue to benefit greatly from a number of aspects at the V&A Waterfront, including sustained visitor numbers of over 23 million per annum, 60% of which are local visitors,”.
"Despite tough economic conditions, the retail vacancy rate is less than 1% at the Victoria Wharf and the V&A Waterfront is fortunate to continue to trade well, even in difficult times".
“Our careful selection and management of our tenant mix is crucial to our success and results in some of the highest sales level per square metre in the country.
“There remains a strong demand for space in the Waterfront,” Kabalin says. “Our ongoing business success depends on our ability to adapt to changing consumer tastes and needs, and to be able to offer the customer the latest fashion and fresh new offerings and concepts,” he says.
“A changing economic climate, technological advancements and changes in consumer behaviour, result in retailers contracting, expanding or terminating their leases.”
The majority of leases at V&A Waterfront historically expire on the 31 March. It is around this time that some stores may close to refurbish their shop fitting or to accommodate the redesign of a new tenant. The changeover period may create an appearance that stores are closing when in fact they are either being refurbished or relocated to make way for new tenants and store openings.
“We manage upcoming tenant changes very carefully, to make sure we have the right offerings and adjacencies that fit within an overarching tenant mix policy,” says Kabalin.
Publisher: eProp
Source: CBN
