V&A Waterfront reports robust trading period
The Victoria & Alfred Waterfront says trade in the last six months has been exceptionally strong, with retail sales growing by approximately 18% year on year (y/y).
The sales figures came in higher than the latest national retail figures released by Statistic SA (Stats SA), which indicated retail trade sales at constant (2008) prices for January had increased by 3.9% (y/y) after an unrevised 8.7% growth in December 2011.
"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," said Alex Kabalin, the newly appointed retail executive of the V&A Waterfront.
Kabalin added that the waterfront's retail vacancy rate was also less than 1% at neighbouring upmarket shopping section, the Victoria Wharf.
"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," Kabalin said.
He added that the majority of leases historically expired on March 31, and that around this time, some stores closed to refurbish their shop fitting or to accommodate the redesign of a new tenant.
