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Shopping centers across the world have been shaking up their tenant mixes to remain competitive in a challenging retail environment, and those in Australia are no exception, notes an article published by ICSC Research.
The amount of space allocated to health-and-wellness uses — a category that ranges from medical offices to gyms — has increased at most Australian centers over the past three years and is driving up traffic and expenditures, says the article, titled Health and Wellness Tenants Create Multiple Synergies.
Sixty percent of Australia’s centers have expanded this category, and today it occupies about 4 percent of nonanchor floor space. Having such tenants benefits landlords and retailers alike, according to the research paper, which was written by Ian Shimmin, director of real estate consulting firm Urbis. Average credit-card spending on a trip to a shopping center rises by 18 percent, to A$123 (about $93), when it involves a visit to a health-and-wellness tenant, he says.
“All over the world, shopping center owners are constantly changing their tenant mix, and exploring new ways to engage customers in different retail and entertainment experiences. H&W uses are part of this transformation agenda, as is health and well-being in a general sense”
Health-and-wellness tenants also benefit shopping centers by boosting traffic outside of peak hours, particularly in the mornings. As such, they can even increase parking and staffing requirements throughout the day, notes Shimmin.
“All over the world shopping center owners are constantly changing their tenant mix and exploring new ways to engage customers in different retail and entertainment experiences,” Shimmin writes. “H&W uses are part of this transformation agenda, as is health and well-being in a general sense.”
By Edmund Mander
Director, Editor-In-Chief/SCT
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